Shiba Inu (SHIB) Surges 5%, Key On-Chain Data Signals Awaited
The price of the dog-themed cryptocurrency Shiba Inu (SHIB) is experiencing a significant spike in line with the broader crypto market. Currently, SHIB is up 5% in the past 24 hours, reaching $0.00001682, and has seen a 10% increase over the week.
Notably, SHIB’s price has been steadily rising since reaching its lowest point of $0.00001266 on July 5. It has remained in the green for six out of the last eight days. However, despite this positive trend, on-chain data suggests that Shiba Inu is about to face its biggest test yet.
Data from IntoTheBlock reveals that SHIB’s recent surge encounters a major obstacle in the form of a massive 424.11 trillion SHIB held between the price range of $0.000017 and $0.000019.
According to IntoTheBlock, 30,730 addresses have bought a significant amount of SHIB within this range, at an average price of $0.000018. This substantial resistance level could potentially impede further upward movement for SHIB.
The sheer volume of SHIB being held within this price range indicates that many holders might seize the opportunity to sell their tokens and break even. This selling pressure could hinder the price from rising further. To overcome this resistance, Shiba Inu bulls must attract enough buying interest to counteract the selling pressure and propel the SHIB price beyond this critical range.
In the coming days, SHIB bulls will face a true test as they attempt to overcome this significant hurdle and sustain the upward momentum of SHIB. If holders within this resistance range opt to hold onto their tokens instead of selling, it could reduce selling pressure and trigger a price breakout.
Traders need to closely monitor whether the Shiba Inu bulls can conquer this resistance. If SHIB manages to break through the 424.11 trillion SHIB wall, it could open up the possibility for further gains. However, if the resistance remains unbroken, a price retracement or SHIB trading within the current range could occur.
As the trend unfolds, it is crucial to analyze technical and on-chain data in order to gauge market sentiment and predict the potential movement of the Shiba Inu price.