- SHIB eyes breakout as price nears $0.00001233, a key psychological resistance level
- Breakout confirmation hinges on volume strength and candlestick structure integrity
- Long liquidations dominate near $0.00003000, marking it as a historical resistance zone
Shiba Inu (SHIB) is once again making headlines as bullish momentum pushes the token closer to its key resistance level. As of press time priced at $0.00001228 , SHIB has seen a 2.66% rise in the last 24 hours, drawing more traders’ attention .
Despite a minor 0.49% dip over the past week, the token’s steady climb from its recent sideways trading area has revived positive market sentiment. With a massive circulating supply of 590 trillion tokens, SHIB’s market cap now sits at approximately $7.23 billion.
SHIB KNIGHT: Can Buyers Break the $0.00001233 Resistance Zone?
Crypto analyst SHIB KNIGHT notes the SHIB/USDT pair currently tests critical resistance around $0.00001233. This price point previously served as a support and now acts as a strong psychological barrier.
Traders have made several attempts to push through, suggesting growing buyer interest in recent sessions. If SHIB closes above this resistance, it could unlock further upside potential toward the $0.00001300 mark.
Related: Shiba Inu Burn Rate Surges Over 1,500%, Yet Price Fails to Respond
Moreover, volume confirmation and candlestick structure will be essential to validate any breakout. Without strong volume backing the move, a fake-out remains a risk. SHIB KNIGHT highlights that a successful breakout could see short-term targets near 1570, indicating room for upward movement.
SHIB’s Path from $0.000030 Peak Long Liquidations
The chart reveals that SHIB previously peaked near the $0.00003000 level, which triggered a wave of long liquidations totaling up to $11.6 million, according to Coinglass. Now this price area remains a significant overhead hurdle.
Source: Coinglass
Consolidation Base Formed? What Liquidations Hint About SHIB’s Next Move
The steep price drop that followed sent SHIB into a sideways trading period concentrated around the $0.00001000 level. During this time, both volatility and liquidation volume dropped significantly, hinting at a stabilizing base.
Related: Can Shiba Inu Repeat History? SHIB Tests Support That Triggered Past Rallies
Significantly, long positions have been consistently punished during rapid price surges. In contrast, smaller short liquidations occurred during brief rallies, showing an imbalance in market expectations.
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