In recent days, the meme coin Shiba Inu has shown significant growth, yet its attempts to breach a crucial price threshold face strong resistance.
Recent Growth of Shiba Inu
Between November 5 and 6, the Shiba Inu token (SHIB) saw an almost 18% increase, reaching its highest value in several months at $0.0000199. This was driven by a strong market momentum challenging the market dynamics.
How Can this Affect SHIB?
Despite the growth, SHIB faces significant resistance near the $0.00002 mark. According to analytics platform IntoTheBlock, around 15,800 wallets hold 11.5 trillion SHIB tokens within the current market range and $0.00002. This could lead to a wave of selling as investors aim for breakeven.
What's Next for SHIB?
Investors and traders are advised to closely monitor the situation as the market could either continue its resilience or fall under selling pressure. The future of the token hinges on the market's ability to absorb this potential selling pressure and maintain growth.
To continue its upward trajectory, Shiba Inu must overcome the current resistance. Observing market response to this potential pressure in the coming days will be key to determining the token's future.
