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Shiba Inu (SHIB) has maintained unusually positive resilience since breaking through the $0.00003 price mark. To finally chart a new course towards its all-time high (ATH), Shiba Inu attempts to break weak resistance, while highlighted by data from the IntoTheBlock (ITB) cryptographic analysis platform.
ITB data currently puts the total number of recipient Shiba Inu addresses at 1.1 million. Data shows that the equilibrium price for 18,360 addresses is set between $0.000035 and $0.000037, while the most important resistance point for the meme coin is set between $0.000057 and 0.000131 $, a range in which 84,120 addresses acquired 29.72 trillion SHIB.
This important barrier could be easy to break given the bullish momentum that SHIB has regained over the past few weeks, a rally that saw the price surge to its 52-week high of $0.00004534 earlier in the week.
So far this year, Shiba Inu is now growing by 238.94%, a feat that was further accentuated when SHIB not only cleared a zero but also toppled the $0.00001 price level to in provide its formidable support.
Shiba Inu Growth Catalysts
To achieve its primary goal of breaking through multi-year resistance levels, Shiba Inu will need to call on internal and external catalysts to consolidate its bullish push.
The Shiba Inu burning campaign is one of the weapons in its arsenal because it helps cushion its circulating supply. With demand for Shiba Inu now increasing amid the ongoing coin revolution, the supply-demand balance is positive and could help push the price of the asset higher.
Shiba Inu is also lagging behind the broader hype in the digital currency ecosystem that is fueled by Bitcoin Spot Exchange Traded Fund (ETF) products. Shiba Inu's short-term and long-term goals are set at $0.00005 and $0.00007, respectively.