Dog-themed cryptocurrency Shiba Inu (SHIB) is eyeing the $0.00003 milestone as its price rallies to begin the year 2025. However, to achieve this target, the token must overcome a critical resistance level: a 45 trillion SHIB hurdle.
At the time of writing, Shiba Inu is trading up 5.25% in the last 24 hours to $0.0000245 and up 13% weekly, showing a steady rise since the start of the year. The rally has been driven by renewed investor interest and the broader bullish sentiment in the crypto market.
According to LunarCrush analytics, meme coins are seeing accelerating social activity alongside strong price performance today. Shiba Inu was among meme coins with leading community engagement within social posts.
Shiba Inu began to increase on the last day of 2024, from lows of $0.0000218, and will mark its fifth day of gains since this date if today closes in green. The rally reached highs of $0.00002492 in Saturday’s session and now targets the $0.00003 level upon a sustained break of the daily SMA 50 at $0.0000255.
Shiba Inu’s path to $0.00003
Shiba Inu’s recent performance 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 fraught with significant challenges.
First, initial resistance lies slightly above where SHIB currently trades. According to IntoTheBlock, 80.34 trillion SHIB tokens were bought by 95,190 addresses at an average price of $0.000025, which coincides with the daily SMA 50.
Beyond this initial resistance, another formidable challenge lies between $0.000026 and $0.00003. According to IntoTheBlock, 45.03 trillion SHIB are being held in the range between $0.000026 and $0.000030 by 140,790 addresses. This concentration of holdings at this range creates a significant sell wall that SHIB must break through to advance further.
That said, breaking through these barriers could pave the way for Shiba Inu to test the $0.00003 mark and potentially move even higher. The crypto market will keep a close eye on SHIB’s price to watch where it trends next in the coming weeks.
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