shiba inu We are seeing some interesting price action as it is expected to break the downward trend line it has been trading under since the first week of March. SHIB is currently up 10% in the last 7 days. at a critical intersection This is a breakout that could lead to strong bullish action. Failure to produce a strong breakout could lead to a bearish reversal.
However, while SHIB has the best chance of breaking out, the data shows that there are still various levels of resistance to overcome. In particular, on-chain data from IntoTheBlock (ITB) shows several address walls between the current price and $0.000139.
Shiba Inu is aiming to break above $0.0001
As of this writing, SHIB is trading at $0.00002494. The latest price movements in the last 24 hours are: The bull is looking now To push the cryptocurrency above the $0.000025 price level. This indicates that many investors are still optimistic about SHIB.
According to Data from ITB, approximately 62,700 addresses have purchased 69.97 trillion SHIB at an average price of $0.000025 at this point. SHIB will eventually break through, but there are still five resistance walls to overcome before it reaches a new all-time high. These price walls are made up of various addresses that can start selling immediately after the break-even point.
Interestingly, there are approximately 454,160 addresses remaining between Shiba Inu’s current price and its current all-time high of $0.00008845. The first major resistance is at an average price of $0.000028, with 98,230 addresses holding approximately 40.17 trillion SHIB tokens. Addresses in this range have been bought at prices as high as $0.00003 and SHIB must break above this price range before the next resistance occurs.
After exceeding this maximum price, Shiba Inu will face another resistance around $0.000033 where 143,280 addresses hold 21.3 trillion SHIB tokens. Shiba Inu should break through additional barriers with an average price of $0.000040. There are only 57,180 addresses here with a maximum and minimum price of $0.000036 and $0.000044 respectively.
However, this level represents a major psychological barrier, as SHIB has yet to achieve a strong break above $0.000040 this year. A rally to this point could result in: Integration in the short term Many traders sell and make a profit. At the same time, this may lead to increased accumulation, which in turn Stronger optimistic feelings.
The path to $0.000139 includes two other resistance levels with 62,340 and 92,530 addresses holding volumes of 33 trillion SHIB and 29.73 trillion SHIB respectively.
On the other hand, Shiba Inu should defend the current support at $0.000022 in the near term.
Charts from Tradingview.com