Bitcoin News Today: Shiba Inu Surges 19% as Crypto Market Rallies

Shiba Inu (SHIB) has shown significant momentum this week, with a 19% gain as the broader crypto market experiences a surge. Over the past week, SHIB's price rose from $0.000011 on July 8 to $0.00001386 by July 11. This rally coincided with Bitcoin's surge to $118,000, although SHIB did not reach a new yearly high, it outperformed Bitcoin in percentage gains during this short rally. Bitcoin later climbed to $123,200, while SHIB peaked at $0.00001415, still below its May high of $0.000017.

According to onchain data, SHIB faces several resistance zones that could impede its path to $0.000035. The first resistance level is between $0.000011 and $0.000014, where more than 43,000 wallets purchased around 25 trillion tokens. This zone could see selling pressure as traders aim to break even or lock in small profits. If SHIB manages to break through this level, it encounters a larger hurdle between $0.000014 and $0.000019, where over 511 trillion SHIB are held by approximately 150,000 wallets. This zone could exert significant sell pressure as holders look to exit at breakeven.

Beyond the current resistance zones, there are three more key levels to watch. Between $0.000019 and $0.000024, around 135,000 wallets hold a combined 175 trillion SHIB. The next cluster is between $0.000024 and $0.000029, where 186,000 addresses control nearly 31 trillion tokens. The final area of interest before SHIB can retest the $0.000035 mark is between $0.000029 and $0.000035. The $0.000035 price point was last seen in March 2024 during a strong meme coin rally when SHIB reached near $0.000045. If SHIB can push through these supply clusters, its journey toward the all-time high of $0.000088 might face less resistance.

SHIB's recent price recovery has been encouraging, but it still faces challenges. The data indicates that many holders are positioned in these price zones, likely waiting to break even or cash out. For SHIB to continue its upward trajectory, buyers must power through these resistance levels with strong volume and steady momentum. The onchain data underscores the importance of community support and market sentiment in driving SHIB's price. The token's success is heavily reliant on its community, which has been crucial in promoting its adoption and usage. Positive market sentiment and community engagement can create a bullish environment, driving SHIB's price higher.

However, it is crucial to recognize that the cryptocurrency market is highly volatile, and price movements can be unpredictable. While the onchain data provides valuable insights, it is not a guarantee of future price performance. Investors should conduct thorough research and consider multiple factors before making investment decisions. The onchain data reveals key zones that SHIB must break to reach $0.000035. By surpassing these levels, SHIB can gain momentum and attract more investors, ultimately driving its price higher. However, investors should exercise caution and consider multiple factors before making investment decisions in the volatile cryptocurrency market.