Shiba Inu Coin (SHIB) players are collectively keeping a close eye! Why has this price level become the "deciding factor"?
Shiba Inu Coin (SHIB) has made a strong comeback to the public eye with its vigorous upward trend. As of the latest data, its price is $0.00001228, with a 24-hour increase of 2.66%, attracting widespread market attention. Despite an overall slight decline of 0.49% over the past week, the price has steadily risen from the oscillation range, reigniting investor enthusiasm.
Currently, the circulating supply of SHIB has reached 590 trillion coins, corresponding to a market capitalization of approximately $7.23 billion. The key resistance level has become the focal point of the bulls and bears. The SHIB/USDT trading pair is challenging the key resistance level of $0.00001233 — this price level once served as a support line and has now transformed into an important psychological barrier.
Recent trading data shows that the bulls have made multiple attempts to break through, highlighting the strengthening buying power in the market. Once the closing price of SHIB stabilizes above this resistance level, the price is expected to further rise, aiming for the target of $0.00001300.
If there is insufficient volume support, there is a risk of a false breakout. Once an effective breakout is achieved, SHIB may move towards the 1570 point level in the short term, indicating the opening up of upward space.
Looking back at historical trends, Coinglass data indicates that SHIB once reached a peak at the $0.00003000 price level, which subsequently triggered a long liquidation of $11.6 million. This price range remains a significant upward resistance, posing important pressure on subsequent market conditions.