Shiba

Shiba Inu

<a href="https://bitcoinist.com/latest-shiba-inu-developments/" rel="noopener noreferrer nofollow">Shiba Inu</a> is exhibiting interesting price action as it looks to break above a downward-sloping upper trendline under which it has been trading since the first week of March. Currently, SHIB is up by 10% in the past seven days and is <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-price-decisive-move-buy-now/" rel="noopener noreferrer nofollow" target="_blank">at a decisive junction</a> of a breakout that could lead to a strong bullish action. Failure to exhibit a strong breakout could lead to a reversal into bearish action.&nbsp;
However, although SHIB is looking prime for a breakout, data shows there are still multiple resistance levels to overcome. Particularly, on-chain data from IntoTheBlock (ITB) reveals multiple walls of addresses between the current price and $0.000139.
<h2 id="shiba-inu-looking-to-break-above-0-0001">Shiba Inu Looking To Break Above $0.0001</h2>
At the time of writing, SHIB is trading at $0.00002494. Recent price action in the past 24 hours indicates that the <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-volume-flips-dogecoin/" rel="noopener noreferrer nofollow" target="_blank">bulls are now looking</a> to push the cryptocurrency above the $0.000025 price level. This indicates that many investors are still bullish on SHIB.
According to <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow" target="_blank">data from ITB</a>, around 62,700 addresses purchased 69.97 trillion SHIB at this point at an average price of $0.000025. Although SHIB will eventually break through, there are still five resistance walls to overcome on its way to reaching a new all-time high. These price walls consist of a range of addresses that could initiate selloffs immediately after breaking even.
Interestingly, there are around 454,160 addresses holding over between the current price of Shiba Inu and the current all-time high of $0.00008845. The first major resistance is at an average price of $0.000028, where 98,230 addresses are holding around 40.17 trillion SHIB tokens. This range of addresses bought in at a maximum price of $0.00003 and SHIB would need to break above this price point before the next resistance.
After surpassing this maximum price, Shiba Inu would be facing another resistance at around $0.000033 where 143,280 addresses are holding 21.3 trillion SHIB tokens. Shiba Inu would need to breach an additional barrier at an average price of $0.000040. There are only 57,180 addresses waiting 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 perform a strong break above $0.000040 this year. A rally up to this point could lead to a <a href="https://www.newsbtc.com/shiba-inu/350-surge-for-shiba-inu/" rel="noopener noreferrer nofollow" target="_blank">consolidation in the short term</a> as many traders sell and take profits. At the same time, it could also lead to an increase in accumulation which in turn could translate to a <a href="https://bitcoinist.com/shiba-inu-shibaswap-debuts-on-shibarium/" rel="noopener noreferrer nofollow">stronger bullish sentiment.</a>
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.&nbsp;
On the flip side, Shiba Inu would need to defend its current support at $0.000022 in the short term. <img loading="lazy" src="https://www.tradingview.com/x/E5cj1bjA/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1576">

Shiba Inu Metrics Turn Bullish: Here’s How Many Wallets Stand Between Current Price And $0.000139

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Other articles published on May 19, 2024

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