Shiba Inu (SHIB) Harbors Unique Potential to Retest $0.00002

Shiba Inu’s (SHIB) price chart hints at a possible retest of the $0.00002 price level amid broader market enthusiasm.

Since it retested the $0.00001 price point, Shiba Inu has not slowed down its pace despite battling intense resistance from market bears. The current price momentum points to the possibility of SHIB jumping by 85% in the long run.

At the time of writing, Shiba Inu is priced at $0.00001081, up marginally by 0.67% in the past 24 hours. The token’s market capitalization is up by 0.6% to $6,374,660,810 while the trading volume recorded a 1% uptick to $197,451,353.

Shiba Inu to $0.00002, Is This Ride Possible?

The last time Shiba Inu retested this price level was May 6, 2022, before the onset of the yet-to-abate crypto winter. Shiba Inu has experienced more than 47.41% upswing at the current price level since October. While this growth rate lags behind those of its peers, it still signifies a major departure from the unwholesome drawdown recorded at the start of the year.

Interestingly, the SHIB chart indicates that the token may break the local top at $0.00001136, which was set back in August. Should this move be validated, it might trigger a run to at least $0.000014 with a massive upside to $0.00002.

Notably, the potential Shiba Inu rally is typically followed by a bearish action as traders are poised to capitalize on the move to scoop up some profits. However, the setup as showcased by the Relative Strength Index (RSI) score of 40, indicates the possibility of a more robust boost ahead.

The Shiba Inu Drawdown to Watch

Despite the growth of Shiba Inu in the past three months, only about 38.74% or 509,004 of the token holders are in profit. This leaves 700,690 addresses or 53.33% in loss, according to data from IntoTheBlock.

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With this metric, any significant bullish switch in Shiba Inu might force traders that have reached the break-even point to switch gears and take profit. Amidst the notable milestones SHIB has recorded, this is a major challenge that might place a wedge on Shiba Inu in its potential move to multi-year highs.