Skip to content
Crypto News Focus logo CNF_CRYPTO_NEWS_FOCUS_LOGO 8

Crypto News Focus

your day to day crypto news site

Primary Menu
  • Home
  • News
    • Bitcoin News
    • Ripple XRP news
    • Ethereum News
    • Cardano News
    • Shiba Inu News
    • Pi Network News
    • More
  • Analysis
  • PR Desk
  • About Us
  • General Policy & Privacy
  • Guides
    • Bitcoin Guides
    • Pi Network Guide
    • Cardano Guide
  • Politics
  • Tech
  • Home
  • News
  • Shiba Inu (SHIB) on the Verge of Breakout: Key Metrics Signal Potential Bullish Surge
  • News

Shiba Inu (SHIB) on the Verge of Breakout: Key Metrics Signal Potential Bullish Surge

Jane Kariuki 20 May 2024
Shiba Inu on red
  • Shiba Inu (SHIB) has gained 10% in the past week and is challenging a downward-sloping trendline, with potential bullish momentum if it can break through multiple resistance levels.
  • Investor sentiment remains optimistic despite significant resistance at $0.000028, $0.000033, and $0.000040, which could lead to short-term price volatility.

Shiba Inu (SHIB) is catching the attention of cryptocurrency enthusiasts as it challenges a persistent downward-sloping trendline that has been restricting its price since early March. Recent metrics suggest a potential breakout, sparking excitement among investors who anticipate a significant surge in SHIB’s price.

SHIB’s Critical Juncture

SHIB has experienced a 10% gain over the past week, positioning it at a crucial juncture. A successful breakout from the current trendline could trigger a robust bullish trend, while failure to do so may result in a bearish reversal. As of now, SHIB is trading at $0.00002494, with recent 24-hour trading action suggesting a push towards the $0.000025 mark. Despite several resistance levels ahead, investor sentiment remains optimistic.

According to IntoTheBlock (ITB), approximately 62,700 addresses acquired 69.97 trillion SHIB around the $0.000025 price level. SHIB’s upward journey, however, is impeded by five significant resistance levels, representing clusters of addresses likely to sell at break-even points.

Overcoming Resistance Levels

The first major hurdle for SHIB lies at an average price of $0.000028, with 98,230 addresses holding about 40.17 trillion SHIB. For SHIB to move higher, it must surpass this level, where many addresses purchased up to $0.00003.

Following this, SHIB faces resistance around $0.000033, where 143,280 addresses hold 21.3 trillion tokens. An additional barrier exists at an average price of $0.000040, a psychological level SHIB has not broken above this year. At this point, 57,180 addresses hold tokens purchased between $0.000036 and $0.000044.

Reaching the $0.000040 mark might lead to consolidation as traders take profits, but it could also spark further accumulation, bolstering bullish sentiment. Additional resistance levels are found at $0.000050 and $0.000060, with 62,340 and 92,530 addresses holding 33 trillion and 29.73 trillion SHIB respectively.

Optimism Among Investors

The recent bullish sentiment among SHIB investors is palpable, as many are eager to push the price above current resistance levels. The 10% increase in the past week reflects strong interest and confidence from the community, signaling optimism about SHIB’s growth potential despite existing hurdles.

However, the presence of multiple resistance levels implies that investors might take profits as SHIB reaches these points, leading to short-term price volatility. As resistance levels are approached, some traders may choose to cash out, creating downward pressure on prices.

While SHIB’s metrics are turning bullish and investor sentiment is on the rise, the cryptocurrency faces significant resistance levels that will test its ability to sustain an upward trend. Investors will be closely monitoring SHIB’s performance as it navigates these critical price points.

Continue Reading

Previous: Solana’s (SOL) Journey to $200: A Detailed Price Analysis
Next: Ripple Awaits Court Ruling: XRP’s Volatile Path Amid Legal Tensions

Related Stories

Ripples's XRP COIN
  • News

Ripple Legal Win Falls Flat as XRP Slips 3% Amid SEC Disappointment

vivian 27 June 2025
Ripple LOGO and price analysis
  • News

Ripple Lawsuit Update: SEC Case No Longer Targets XRP, Legal Experts Confirm

vivian 27 June 2025
Pi Network PI Logo image on black background
  • Analysis

Pi Network Jumps 38% on AI Integration Hints and Google Rumors

Cal Evans 26 June 2025

For general inquiries, please email us at Info@cryptonewsfocus.com

Crypto news focus is your day-to-day crypto news site. Get all the latest News and trends in the crypto, blockchain, and DeFi space. For more info and inquiries, reach out via email at info@cryptonewsfocus.com

You may have missed

Ripples's XRP COIN
  • News

Ripple Legal Win Falls Flat as XRP Slips 3% Amid SEC Disappointment

vivian 27 June 2025
Ripple LOGO and price analysis
  • News

Ripple Lawsuit Update: SEC Case No Longer Targets XRP, Legal Experts Confirm

vivian 27 June 2025
Pi Network PI Logo image on black background
  • Analysis

Pi Network Jumps 38% on AI Integration Hints and Google Rumors

Cal Evans 26 June 2025
Chainlink LINK Image via Cryptonewsfocus.com
  • Analysis

Chainlink Hits Record 769K Holders as MVRV Ratio Signals Opportunity

Sean Williams 26 June 2025

Social Media

Crypto News Focus © All rights reserved | MoreNews by AF themes.
Go to mobile version
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok