Shiba Inu (SHIB) ATH Rally: Here’s the key resistance to overcome

Shiba Inu (SHIB) has maintained unusually positive resistance since breaking through the price of $0.00003. To ultimately chart a repeat towards its all-time high (ATH), Shiba Inu is attempting to break weak resistance in the future, such as shown by data from the cryptanalysis platform IntoTheBlock (ITB).

ITB data currently puts the total number of earning Shiba Inu addresses at 1.1 million. The data shows that the breakeven price for 18,360 addresses is set between $0.000035 and $0.000037, while the most important resistance point for the meme coin is set between $0.000057 and $0.000131, a range in which 84,120 addresses acquired 29.72 billion SHIB.

This major barrier could be easy to overcome considering the bullish momentum SHIB has gained in recent weeks, a rally that has seen the price jump to its 52-week high of $0.00004534 earlier in the week.

Year-to-date, Shiba Inu now boasts 238.94% growth, a feat that became pronounced when SHIB not only erased a zero but inverted the $0.00001 price level as its formidable support.

Shiba Inu Growth Catalysts

To achieve its primary goal of breaking multi-year resistance levels, Shiba Inu will need to turn to internal and external catalysts to consolidate its bullish momentum.

The Shiba Inu burning campaign is one of the weapons in their arsenal as it is helping to buffer their circulating supply. Now that demand for Shiba Inu is growing amid the current meme coin revolution, the balance between supply and demand is positive and could help boost the price of the asset.

Shiba Inu is also following the broader hype in the digital currency ecosystem that is being driven by Bitcoin spot exchange-traded fund (ETF) products. Shiba Inu’s short-term and long-term targets are set at $0.00005 and $0.00007, respectively.