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Dog-themed cryptocurrency Shiba Inu (SHIB) might be on the verge of a significant price movement if a key resistance level is surmounted.
Shiba Inu is enjoying gains with the rest of the crypto market up 2.88% in the last 24 hours to trade at $0.0000178. If today closes in the green, SHIB will have marked its fourth consecutive day of gains.
Notably, SHIB enjoyed positive momentum over the weekend, steadily climbing higher following its rebound from Friday lows of $0.00001578.
The extended rebound has brought SHIB to a nearly three-week high, with bulls targeting higher resistance levels. In this scenario, SHIB might aim for as much as 50% upside gains, However, the path to the upside is fraught with challenges, as SHIB is currently entrapped in a significant resistance range.
The recent surge in price has brought SHIB to a critical range, where breaking past a key resistance level could pave the way for substantial gains.
422 trillion SHIB held at critical price range
According to IntoTheBlock data, 422.56 trillion SHIB are currently being held by 36,730 addresses in the range of $0.000017 and $0.000019 at an average price of $0.000018.
The enormous volume of SHIB held at this point acts as resistance as many of these addresses might look to sell once the market price reaches average cost and they break even on their positions. This might act as a resistance level to a continued price increase at this price range.
Global In/Out of the Money, Courtesy: IntoTheBlock
On the other hand, if SHIB holders at this range decide not to sell, this might trigger bullish momentum, acting as a springboard for further SHIB gains.
In this scenario, SHIB may target the $0.000025 level next, which implies a more than 50% increase from current price levels.
In the coming days, the overall sentiment of the broader crypto market will be closely watched. A rising tide lifts all boats, and a bullish trend on major cryptocurrencies like Bitcoin and Ethereum often spills over to altcoins like SHIB.
Traders should also pay attention to the impending moving average crossover on SHIB‘s daily charts, which might define SHIB‘s price movement in the short term.
