Shiba Inu (SHIB) has rallied over 11% this week, marking a resurgence in its price trajectory and fueling speculation about whether it can reach the critical $0.000021 level in the coming days. Currently trading around $0.00001936, with a market cap exceeding $11.4 billion, the altcoin’s recent upward momentum has captured the crypto community’s attention.
After bouncing off the $0.00001760 support level, the token has pushed through resistance points, reinforcing strong buyer interest. Moreover, the chart indicators reveal a possible breakout scenario, with SHIB challenging its immediate resistance around $0.000021.
As the 50-day and 200-day moving averages converge, there is increased speculation about a “golden cross,” a historically bullish signal that could propel the cryptocurrency further up. If the current bullish trend continues, will the SHIB token reach the anticipated $0.000021 target, or will it face resistance and consolidate around its current levels?
SHIB Holders Show Diamond Hands as Price Nears Key Resistance
Adding to SHIB’s recent momentum, data on the holding time of transacted coins offers a promising outlook. According to IntoTheBlock statistics, the SHIB token holders have seen an increase in holding time, with the average time held rising by over 176.39% in just the past week and soaring by 428.30% over the last month.
This surge in holding duration suggests a growing confidence among SHIB holders, aligning with the sustained buying pressure and the recent price gains. The 90-day holding variation even shows a +1-year increase, signaling a shift toward a more long-term investment approach by many in the SHIB community.
These metrics of increased holding time paired with SHIB’s price movement hint at a developing “diamond hands” mentality within the community, which could support the cryptocurrency in breaking past the critical $0.000021 mark. Adding to this optimism, 55.28% of SHIB addresses are “in the money,” holding the token at a profitable level compared to its current price of approximately $0.00001936.
This suggests a robust base of financially motivated holders to see the meme coin continue its upward trajectory. Additionally, only 2.63% of addresses are considered “at the money,” positioning most SHIB holders with a vested interest in further gains. In the current price range, 64.41% of addresses fall within profitable zones, highlighting a bodily support base as the cryptocurrency approaches the $0.000021 resistance.
SHIB Price Prediction: Is the $0.000021 Target Within Reach?
With the current positive sentiment and the solid support around the 0.786 Fibonacci retracement level at $0.000018676, the token stands a strong chance of surpassing the $0.000021 resistance by the end of next week. A successful push beyond this critical zone could see the meme coin targeting its next hurdle near $0.000021676, which aligns with the 100% Fibonacci level, likely paving the way for further upside in the near term.
On the flip side, if the SHIB cryptocurrency fails to sustain its position above the $0.000018676 support, it may experience a retest of lower levels before making another attempt to reach $0.000021. This scenario could intensify selling pressure, leading to a possible pullback toward $0.000016615, near the 0.618 Fibonacci level, where it may find additional support.
Also Read: Dogecoin Gains 26% This Week; Will DOGE Price Revisit the $0.27 Barrier?
Source: https://www.cryptonewsz.com/shib-surges-11-is-0-000021-possible-next-week/