Shiba Inu Breaks Major Resistance, Targets $0.000063 Next

Shiba Inu Breaks Major Resistance, Targets $0.000063 Next

The price of Shiba Inu has broken through a major resistance, paving the way for a surge to $0.00006326 amid the latest upsurge that has placed the token among the top gainers.

Shiba Inu (SHIB) has been on a massive run in the past week, gaining a whopping 380% over this period. The price surge has also led to a breach of multiple resistance levels that have historically impeded on the crypto asset’s progress.

The latest of such resistance points broken in the past few hours to press time is the $0.000040 mark. Shiba Inu bulls fought hard at this price territory before eventually staging a breakthrough.

Having overcome the $0.000040 threshold, Shiba Inu rose as high as $0.00004486. This is the highest level that SHIB has traded at since April 2022, just before the Terra-induced market crash.

With the $0.000040 resistance out of the way, the next target for Shiba Inu bulls is the $0.00006326 price range. Shiba Inu last traded above that level in December 2021, just two months after its all-time high.

Shiba Inu Breaks into the Top 10

With its latest price surge, Shiba Inu has left many of its competing cryptocurrencies in the dust. The blockchain project has overtaken prominent names such as Chainlink (LINK), Polygon (MATIC), and Tron (TRX).

Shiba Inu broke into the top ten cryptocurrencies by market capitalization yesterday. Shiba Inu now has a $24.4 billion market cap and is on his way to killing Dogecoin, whose market cap is $27.2B.

Meanwhile, it is noteworthy that Shiba Inu is now only 58% below its previous all-time high of $0.00008845. However, a trip back to an all-time high remains on the card for as long as the current bullish trend continues.