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Dog-Themed Cryptocurrency Shiba Inu (SHIB) is eyeing the $0.00003 milestone as its price rises to begin the year 2025. However, to reach this goal, the token must overcome a critical resistance level: a 45 trillion SHIB hurdle.
At the time of writing, the Shiba Inu is trading up 5.25% over the past 24 hours at $0.0000245 and up 13% for the week, showing a steady rise since the start of the year. The rally was driven by renewed investor interest and broader bullish sentiment in the crypto market.
According to LunarCrush analysis, meme coins today are experiencing an acceleration in social activity alongside strong price performance. Shiba Inu was among the meme pieces with prominent community engagement in social posts.
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Shiba Inu began rising on the last day of 2024, from a low of $0.0000218, and will mark its fifth day of gains since that date if today’s close is green. The rally reached a high of $0.00002492 during Saturday’s session and is now eyeing the $0.00003 level on a sustained breakout of the daily 50 SMA at $0.0000255.
The Shiba Inu’s Path to $0.00003
Shiba InuThe recent performance of has already sparked optimism, with traders eyeing the key $0.00003 level as the next major milestone. However, the path to this key level is strewn with significant pitfalls.
First, initial resistance lies slightly above SHIB’s current trading level. According to In the block80.34 trillion SHIB tokens were purchased by 95.190 addresses at an average price of $0.000025, which coincides with the daily 50 SMA.
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Beyond this initial resistance, another formidable challenge lies between $0.000026 and $0.00003. According to IntoTheBlock, 45.03 trillion SHIB is held in a range between $0.000026 and $0.000030 by 140,790 addresses. This concentration of stocks in this range creates a significant selling wall that SHIB must overcome to advance further.
That said, breaking through these barriers could pave the way for Shiba Inu to test the $0.00003 mark and potentially go even higher. The crypto market will be closely watching the SHIB price to see how it moves in the coming weeks.