Shiba Inu (SHIB) Price Analysis: SHIB Seeks to Continue Its Upward March, Eyes $0.00003 Target

Dog-themed cryptocurrency Shiba Inu (SHIB) is seeking to continue its upward march, having gained 4% in the last 24 hours to $0.000025 at the time of writing.

Dog-themed cryptocurrency Shiba Inu (SHIB) continued its upward march on Monday, adding 4% to trade at $0.000025 in the last 24 hours, as per data from CoinMarketCap.

The recent price surge comes amid positive sentiment within the broader crypto market and the Shiba Inu ecosystem.

Shiba Inu is also preparing to launch its Layer-2 blockchain, Shibarium, with the network crossing 500 million transactions in a major milestone.

The recent activity on the Shiba Inu network has attracted attention from retail investors, while whale activity has moderated in recent days.

Shiba Inu price next target $0.00003

Looking ahead, traders will be keeping an eye on where the SHIB price trends next.

In the short term, the next target for SHIB price remains $0.00003 where the Shiba Inu rally stalled on Nov. 12. This resistance where a substantial quantity of SHIB has been bought represents a critical test for the token’s bullish momentum.

As reported by IntoTheBlock, 18.66 trillion SHIB were bought in the range between $0.000027 and $0.00003 by 62,470 addresses at an average of $0.000028. Overcoming this level could pave the way for SHIB to realize further gains, but failing to break through may lead to a temporary pullback.

Shiba Inu price action on Monday began with the token changing hands at $0.0000249, based on data from TradingView.

After rising to highs of $0.0000253 in the early hours, the token was largely flat before pulling back to lows of $0.0000244 by mid-morning.

However, Shiba Inu recovered from these lows to trade at $0.0000247 at the time of writing.

As noted in a recent analysis, Shiba Inu’s price rally paused at the $0.000030 barrier on Nov. 12, indicating that bulls were taking profits at this level.

After three consecutive days of declines, Shiba Inu’s price fell to lows of $0.0000229 on Nov. 15, where buyers bought the dip.

If SHIB’s price sustains the current rebound, buyers might once again seek to drive Shiba Inu above $0.000030. If they can pull it off, Shiba Inu might increase to $0.000033 and then to $0.000039.

On the downside, IntoTheBlock data shows that 94.12 trillion SHIB were bought in the range between $0.000019 and $0.000024 by 93,972 addresses at an average price of $0.000022, representing the next major significant support for the Shiba Inu token.

Thus, in the coming days, if the SHIB price falls from the current level or the overhead resistance and breaks below $0.000022, it will indicate that Shiba Inu may swing within the broad range of $0.000030 to $0.000013 for a few days.