Shiba Inu Eyes 512% Rally Amid Massive 22T Token Resistance

Technical analysis on SHIB reveals a classic inverse head and shoulders formation on its long-term chart, with clear support levels around $0.0000080 and a deeper dip at approximately $0.0000060 marking the head. A breakout above the neckline (between $0.000015 and $0.000017) could trigger a dramatic surge, potentially targeting $0.000081—a jump of over 500% from its current level of around $0.00001313, which is up 5.70% over the last 24 hours. The report highlights a concentrated sell pressure, as over 22.7 trillion tokens are held by more than 49,000 wallets in the $0.000013 to $0.000015 range, indicating that if SHIB climbs into this zone, profit-taking may stall or reverse the rally. Crypto trader Lars Kooistra has expressed a bullish long position based on the TCT model 1, suggesting that SHIB might be in the early stages of a price recovery phase, a pattern previously observed with large cap tokens amid accumulation. Additionally, SHIB’s movement is noted to have some correlation with XRP, but SHIB is currently gaining at a faster pace. No significant upcoming events such as protocol updates or token unlocks were mentioned in the news.