Shiba Inu’s potential rally to the $0.00002 mark could be in jeopardy, as the token needs to overcome a major barrier between its current price and the $0.000019 level.
Like most crypto assets, Shiba Inu’s price has slightly declined over the past 24 hours. As a result, Shiba Inu added another zero after its decimal.
Shiba Inu Price Outlook
Recall that SHIB eliminated one zero from its price on Thursday, January 11, after the canine-themed token surged 12% on the weekly charts.
However, the rally was short-lived as Shiba Inu plunged back to the $0.000009 territory. It bears mentioning that Bitcoin’s recent volatility put the broader crypto market into huge losses, with the global crypto valuation plunging by 3.7% in the past day.
Despite Shiba Inu’s recent price dip, enthusiasts of the cryptocurrency are still bullish on SHIB. Many Shiba Inu community members speculate that SHIB could ascend to $0.00002 soon.
Road to $0.00002
The last time SHIB traded around $0.00002 was in May 2022. Since then, SHIB has been on a downward trajectory, plunging over 50% ever since.
Shiba Inu’s road to $0.00002 is not an easy one, as the cryptocurrency needs to break through a significant resistance to achieve this feat. IntoTheBlock’s “In/Out of the Money Around Price” shows the type of hurdle SHIB needs to overcome before hitting the $0.00002 mark.
According to the data, 269,860 addresses hold over 514 trillion SHIB tokens, representing 87.36% of the circulating supply, between the current price and the $0.000019 level.
The massive amount of SHIB held by these investors pose a major barrier to SHIB’s potential rally to $0.00002. This is because as SHIB ascends from its current price of $0.00000987, some investors in the abovementioned category could be forced to sell, thus mounting heavy pressure on the price.
Overcoming this resistance would put SHIB on a major upward trajectory, as there is a lower concentration of SHIB at $0.000019 and beyond.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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