- ClayBro thinks the recent breakout has opened the way for SHIB to rally to newer highs.
- SHIB settled above $0.00001 for the first time since April 2023.
- Data from IntoTheBlock showed that 230,000 wallet addresses became profitable when SHIB crossed $0.00001.
ClayBro, a crypto analyst, thinks the recent SHIB breakout has opened the way for the flagship meme coin to rally to newer highs. In a recently uploaded video, the renowned SHIB analyst identified the meme coin’s price action around $0.000011 as a significant event in the developing bull run.
Shiba Inu fell below the $0.000011 price level in April 2023 and tested it only twice without breaking above the established resistance. For nearly one year, SHIB traded sideways, with $0.000011 forming the upper limit of a horizontal channel. ClayBro noted how SHIB failed to follow Bitcoin and other cryptos to rally in the past year before embarking on the recent rally.
Analyzing the recent developments, ClayBro spotted a crucial factor supporting the continuation of SHIB’s rally. He cited data from IntoTheBlock showing 230,000 SHIB wallet addresses became profitable when SHIB crossed the $0.00001 threshold. He further noted that nearly every Shiba Inu coin in circulation will become profitable if the price climbs above $0.00002.
According to ClayBro, the IntoTheBlock statistics imply that many people have been averaging down on their SHIB investment. He thinks most of these investors might want to exit the market at the sight of profit after such a long period. Hence, Shiba Inu experiences significant resistance on its way up.
Although he foresees significant resistance along the way, ClayBro believes climbing above $0.00002 will expose SHIB to higher levels. He thinks it will set up a similar situation to the 2021 SHIB rally, which saw the meme coin register multiple all-time highs (ATH).
ClayBro outlined more data to back up his bullish position on SHIB, including a 540% surge in on-chain whale statistics, according to IntoTheBlock’s reported volume. SHIB traded for $0.00001366 at the time of writing, having pulled back from the $0.00001475 high achieved earlier today, according to data from TradingView.
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