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Dog-themed cryptocurrency Shiba Inu (SHIB) It is eyeing the $0.00003 mark with its price rising to start 2025. However, to achieve this goal, the token must overcome a critical resistance level: SHIB’s 45 trillion hurdle.
At the time of writing, the Shiba Inu is trading up 5.25% over the past 24 hours to $0.0000245 and up 13% week over week, showing a steady rise since the beginning of the year. The rise was driven by renewed investor interest and broader bullish sentiment in the cryptocurrency market.
according to LunarCrush Analytics and meme coins are seeing accelerating social activity along with strong price performance today. The Shiba Inu was among the memes with leading community engagement in social posts.
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The Shiba Inu started to rally on the last day of 2024, from lows of $0.0000218, and would mark the fifth day of gains since this date if the day closes in the green. The rally reached highs of $0.00002492 in Saturday session and is now targeting $0.00003 on a sustained break of the daily 50 simple moving average at $0.0000255.
Shiba Inu Road to $0.00003
Shiba InuThe coin'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 master level is fraught with great challenges.
First, initial resistance is located just above SHIB's trading level currently. according to IntoTheBlock80.34 trillion SHIB tokens were purchased through 95,190 addresses at an average price of $0.000025, which coincides with the daily SMA 50.
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Beyond this initial resistance, there is another massive challenge lying between $0.000026 and $0.00003. According to IntoTheBlock, 45.03 trillion SHIB in the range between $0.000026 and $0.000030 are held by 140,790 addresses. This concentration of holdings in this range creates a large sell wall that SHIB must break through to advance further.
However, a break through these barriers could pave the way for the Shiba Inu to test the $0.00003 mark and possibly move higher. The cryptocurrency market will be closely monitoring the price of SHIB to monitor its next trends in the coming weeks.
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