Shiba Inu (SHIB) price on the Verge of Major Breakout

Shiba Inu SHIB

Shiba Inu (SHIB) has a major week last week, with massive winds gusting meme coins up in price on the markets. Some coins gained up to 30% of their value in just 24 hours. With strong resistance levels hitting SHIB, these can act as potential trampolines for the coin in the near future.

SHIB has been sitting at the 200-day moving average resistance for the last two days but has not been able to break through. The resistance has pushed the token price back below $0.000016.

While SHIB looks to rally and break through this technical resistance, the 200-day moving average correlates with the 50-week moving average on a longer timeframe. Therefore, the $0.000016 threshold is a bit more difficult to break through. If SHIB is able to succeed in doing so, the coin will likely make a run to the next resistance level, currently sitting 35% above the current price level.

A rally like this in the coming week can bring back more investors to the Shiba Inu coin, hence making the movement of the coin greater. Correspondingly, this will make the return of the coin greater. Many analysts share the same idea, holding onto SHIB and waiting for another wave to increase the price.

Altcoin Sherpa recently shared that he sold 1/3 of his SHIB tokens, however, he is holding the rest as he claims the coin is in accumulation once again.