Shiba Inu has rallied nearly 5% over the past week, fueling speculation that the meme coin could erase one zero before February ends. The recent price surge comes as the broader crypto market witnesses a relief rally.
Struggling to Breach Resistance at $0.00001
Shiba Inu plunged below $0.00001 in January and has since struggled to overcome resistance around that price level. However, its participation in the latest crypto rebound has sparked optimism about finally breaking the $0.00001 barrier.
Per CoinMarketCap data, Shiba Inu has gained almost 5% weekly and is nearing the $0.00001 mark at $0.000009754 currently. That comes despite a slight 0.8% pullback amid some crypto market consolidation.
Also read: Shiba Inu: How Many Tokens You Need To Make $5M, $10M If SHIB Hits $0.00789?
Key Price Levels Could Propel SHIB Above $0.00001
Investor anticipation remains high for SHIB to breach the crucial psychological $0.00001 resistance. Leading platform CoinCodex predicts the meme coin could hit $0.00001075 by February 21st, representing an almost 8% surge from present values.
Similarly, Changelly expects Shiba Inu to eliminate one decimal zero with a spike to $0.00001051 by February 21st. That would equate to a 7.14% increase over current prices.
The optimistic outlook comes as more crypto analysts highlight the critical support Shiba Inu has found since mid-January around the $0.000007 level on its road to $0.00001. As long as SHIB holds up through any interim volatility, it appears on track to make its much-awaited milestone this month.