Shiba Inu Flirts With Key Resistance Level, Price Breakout Imminent?

Shiba Inu (SHIB) is making a consistent push to breach a crucial resistance level, as an imbalance in bull-bear trends dampens sentiment.

Shiba Inu is a retail favorite, but one that has consistently failed to beat expectations as concerns its price growth. As it trades at a price of $0.000008219 following a 1.38% uptick, capturing and flipping the resistance at $0.000009 remains arduous. 

The digital asset has made several attempts to flip this price level, a move which if achieved can spark an overdue breakout.

The SHIB Breakout Bottleneck

The defined resistance point remains visible. Notably, on the monthly chart, SHIB has made a series of protrusions above this level. While the attempt to claim this point remains commendable, its failure to convert it into permanent support is causing subtle dissension within the community.

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This failure has also sparked some thesis from market analysts. These schools of thought border on the assertion that investors might be lacking the right motivation to sustainably drive the price higher.

The lack of motivation in this context might appear overstretched, seeing the development team recently launched Shibarium, a Layer-2 infrastructure that has the potential to usher in millions of users into the ecosystem in the long term. 

With the demand Shibarium is likely to pioneer, the argument that SHIB might be around for a long time sounds legitimate but notably not materializing in terms of price gains for now.

The dwindling trading volume is also a major concern. At the moment, SHIB’s 24-hour volume is down 13.69% to $100,955,160. Should traders fail to sustain SHIB’s buying pressure, moving prices to higher levels might prove difficult.

SHIB to $0.01, What the Forecasts Say

Despite the current outlook of SHIB as described above, there are notable events helping to drive the price of the token this year. 

One such event is the massive activity of SHIB whales. With the consistency in publicity and the hopes of the ShibArmy bordering on the likelihood of getting innovative DApps on Shibarium, the expectations that SHIB price will hit 1 cent someday is high.

There are different predictions in this regard with one of the most notable coming from Telegaon, an analytics platform that claims SHIB price may touch 1 cent between 2030 and 2040.