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Shiba Inu, along with the broader crypto market, rebounded after an earlier sell-off in the week sparked by macroeconomic concerns.
Shiba Inu saw a sharp spike on Wednesday, surging from $0.00001029 to $0.00001214. Though it slightly dipped on Thursday, Shiba Inu resumed its rebound on Friday, reaching intraday highs of $0.00001238 in the early Saturday session.
Following the recent sell-off, which saw crypto assets lose a significant portion of their value, market observers remain optimistic about a rebound that would allow them to recoup lost ground.
Tomiwabold OlajideIf this is so, Shiba Inu might eye a potential push toward the $0.00002 mark. However, Shiba Inu's path to $0.00002 may not be straightforward, but on-chain data provides a clear road map. With two supply walls ahead, the next few moves might be crucial for Shiba Inu. If SHIB can clear them with strength, a breakout to $0.00002 may not just be possible but also imminent.
Shiba Inu to $0.00002: What it might take
According to IntoTheBlock, two major on-chain price clusters could determine SHIB's rise to $0.00002. In essence, Shiba Inu's path to this key level hinges on how it navigates through these price ranges where significant amounts of SHIB are being held.
In the range between $0.000013 and $0.000014, 28.41 trillion SHIB are being held by 38,370 Shiba Inu addresses. This range is the first test for bulls, as holders may take profits or increase their positions depending on market sentiment.
Gamza KhanzadaevThe second range is between $0.000015 and $0.000019: A much larger 548.5 trillion SHIB resides in this range, held by 169,100 SHIB addresses, making it a critical resistance zone. Breaking through this cluster would suggest strong market conviction and could lead to a move toward $0.00002.
In the coming days, the broader market sentiment will be watched; if bullish triggers return to the crypto market, the climb toward $0.00002 for Shiba Inu could become a realistic scenario.
Vladislav Sopov
Dan Burgin