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Shiba Inu needs to breach the resistance level between $0.000027 and $0.000028 to muster enough strength for a push toward $0.000036.
This assessment came from TradingView analyst Crypto Paradise. Since SHIB broke below the $0.000045 yearly high, it has failed to enter into a decisive trend. Notably, Shiba Inu’s correction in March persisted until late April. However, prices gained stability after yielding the $0.00004 and $0.00003 thresholds.
The Bull and Bear Battle
Now, SHIB has continued to battle the bears at the $0.00002 level, looking for strength to pull a decisive move back into the $0.00003 price territory. Crypto Paradise called attention to these struggles on the 12-hour timeframe. He confirmed that Shiba Inu has been trading within an ascending triangle since it recovered from the $0.00001830 low on April 13.
Notably, the analyst’s chart indicates that Shiba Inu switched from a bullish to a bearish momentum on April 12, when it broke below the support structure in the slump underneath $0.00002366. SHIB is persistently looking to again flip the momentum, but has failed to engineer this due to the broader market uncertainty.
However, with Bitcoin (BTC) recently surging above $70,000, Shiba Inu has leveraged this uptrend to stage a price run. SHIB has spiked 7.8% over the last 24 hours, currently changing hands at $0.00002580 after confidently breaching the pivotal $0.000025 price level.
Shiba Inu Needs to Breach $0.000028
Now, Shiba Inu needs to push toward the $0.000027 threshold to successfully flip the momentum from bearish to bullish. According to data from Crypto Paradise’s chart, SHIB is likely to face its next resistance between the $0.000027 and $0.000028 range. A breach above this range would lead to bullish momentum.
However, data from IntoTheBlock indicates that SHIB has significant resistance between $0.000026 and $0.000030. Notably, this level features 118,190 addresses holding a whopping 62.18 trillion SHIB. The massive sell wall would pose a roadblock for the bulls on the upward journey.
Interestingly, Crypto Paradise believes a push above the $0.000028 level, which rests within this sell wall, would mark the start of the bullish trend. He expects Shiba Inu to eventually spike to the $0.000036 price. The last time SHIB saw this price was during the price collapse in early March. Breaking above the price could set the stage for a rally toward $0.00004.