Shiba Inu (SHIB) is regaining its position in the crypto market, showing a 19% rise in the past week. This success coincides with movements in Bitcoin's market.
Recent Achievements of Shiba Inu
In the past week, SHIB rose from $0.000011 on July 8 to $0.00001386 on July 11. This increase coincided with Bitcoin’s price rise, which reached $118,000. SHIB outperformed Bitcoin in percentage gains despite not hitting new yearly highs.
Key Resistance Levels
SHIB faces several resistance levels on its way to $0.000035. The first level is between $0.000011 and $0.000014, where over 43,000 wallets purchased around 25 trillion tokens. This could lead to selling as traders seek to take profits.
If SHIB breaks through this level, the next hurdle lies between $0.000014 and $0.000019, where over 511 trillion SHIB is held by approximately 150,000 wallets. This zone represents the largest resistance level.
Prospects for Further Growth
If SHIB can clear all these levels, the next areas of interest will be between $0.000019 and $0.000024, and between $0.000024 and $0.000029. If the token can navigate through all these supply zones, it may ease the move toward its all-time high of $0.000088, witnessed in March 2024.
SHIB's recent price recovery is promising, but the token must overcome significant resistance levels. The success of further growth will depend on buying volume and sustained momentum.
