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Shiba Inu (SHIB), the second-largest memecoin, appears to be approaching a significant resistance level. Famous crypto trader Crypto Rand shared this news with a chart on X. According to him, SHIB is on the verge of breaking the bullish flag formation above the horizontal resistance.
How Much is Shiba Inu (SHIB) Worth?
Crypto Rand’s analysis highlights the current setup of Shiba Inu, which could continue with a rally. The analysis by the trader suggests that the growth seen in the charts of SHIB since the beginning of the year can be considered as a reflection.
As of the time of writing, Shiba Inu (SHIB) was trading at $0.000008201, with a 1.24% decrease in the last 24 hours. Despite today’s drop, there has been a 4.92% increase in price in the past seven days and a 13.66% increase in the past month.
Despite the recent rally, SHIB is trading below its highest level of the year. The price of SHIB surpassed $0.000015 in February. However, it then dropped to $0.000006555 in mid-June. Particularly, this mentioned bottom point served as a significant support level, protecting the investors and paving the way for recovery.
Will Shiba Inu (SHIB) Reach $0.00001?
Following the price increase, SHIB encountered a significant resistance level at $0.000008. Bulls emerged victorious at this level, and the price rose to $0.00001071 in August. The fundamental behind this breakthrough was Shibarium, which was believed to take Shiba Inu to new heights.
However, problems seen in the performance of Shibarium led to sales, causing SHIB to retest the lowest level of mid-June, which was $0.000006555, on October 19. After the reversal, if history repeats itself in a possible scenario, bulls in the market may erase another zero and push SHIB to $0.00001.
Hope for Shiba Inu (SHIB) Growth
Shiba Inu investors seem to have an optimistic outlook on retesting the $0.00001 level, which has been set as a short-term target.
Depending on the developments around Shibarium, investors maintain their optimism in reviving demand and reaching the price target of $0.1. Supporters of SHIB believe that reaching this turning point depends on several factors.
Supporters believe that this situation can be achieved when various factors, including the possible approval of a Bitcoin spot ETF in the United States, come together. In order for Shiba Inu to start all of this, it needs to surpass the critical resistance level it currently holds.
