Shiba Inu looks promising but needs a key breakout to advance

The Shiba Inu coin has been on a tear lately, climbing up the ranks of the top cryptocurrencies. However, it needs to break out of a key resistance level if it wants to continue its climb.

The altcoin has been benefiting from the overall bullishness in the cryptocurrency market. As well as some positive developments specific to the coin.

For instance, Shiba Inu recently partnered with Binance to offer a new staking reward program. Here are some points to note:

  • Since May, the Shiba Inu token has been consolidating.
  • The “meme” cryptocurrency has been hyped as a potential Dogecoin killer.
  • If SHIB can break above critical resistance, it will signal the start of a bullish movement.

The Shibatoshi/US dollar (SHIB/USD) is a cryptocurrency to keep an eye on, as market sentiment remains depressed. The coin has been displaying signals of a comeback, with the price consolidating between $0.00001 and $0.000012 for much of May.

The crypto-token lost value in June but regained some value a few days later. We think that $0.000012 is an important resistance zone for investors who want to buy Shiba Inu.

Notably, the coin has been underperforming in recent times as market participants take profits off the table.

The “meme” cryptocurrency is down 12% in the last 24 hours and is currently trading at $0.00001. The token hit an all-time high of $0.000013 on May 28 and has since pulled back.

The key support levels are $0.000009 and $0.000008. The resistance levels are $0.000010 and $0.000012.

Shiba Inu looks promising but needs a key breakout to climb higher. The altcoin has been consolidating between $0.00001 and $0.000012 and needs to break out of this range for further upside.

People have said that Shiba Inu is a “Dogecoin killer.” This is because they look similar and both are considered “meme coins.” Shiba Inu became very popular in 2021 and ended the year as one of the most searched cryptos.

SHIB and Dogecoin have frequently been driven by social media buzz rather than fundamentals. The two currencies have seen significant selling pressure owing to a lack of crypto interest.

Currently, Shiba Inu is the 61st largest cryptocurrency with a market capitalization of $600 million. The token hit an all-time high of $0.0000195 in mid-May and has since pulled back to trade at $0.000012.

The key difference between Dogecoin and Shiba Inu is that. The latter has a capped supply of just 1 quadrillion tokens while Dogecoin’s supply is infinite. Shiba Inu’s website says the project is a “meme token” that wants to be the “dogecoin killer.

SHIB consolidates, but a breakout is required to advance

Data Source: Tradingview

Shiba Inu is technically in consolidation. The 14-day and 21-day MA have joined the support side. After pushing back against resistance, the price has plummeted to the $0.00001 support level.

However, SHIB has been very volatile in the past. It could break above the resistance quickly for very small news.

Right now, we don’t see any reason for the price of SHIB to go up. If investors want to buy SHIB, they should watch out for the $0.000012 resistance level.

Summary

The Shiba Inu is a popular meme token, along with Dogecoin. This year, SHIB has slumped alongside other prominent cryptocurrencies.

The meme coin is currently consolidating. Before purchasing, investors should look for bullish confirmation of $0.000012 or higher.

Shiba Inu (SHIB) has been one of the most popular Altcoins this year. The cryptocurrency, which is a meme token, has seen its price increase significantly in recent months.

However, the Altcoin has crashed back to the $0.00001 support after hitting resistance.

Historically, SHIB has been a volatile Altcoin. The cryptocurrency has seen several pump-and-dumps in its short history. However, the coin has managed to remain popular, despite the volatility.