Shiba

bullish

Read

Shiba Inu

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">Shiba Inu</a> has recently displayed indications of establishing a critical support level at the $0.000012 mark supported by on-chain data that shows that over 26,000 wallet addresses hold a staggering 21 trillion <a href="https://u.today/big-anti-scam-warning-issued-by-shib-team-details" rel="noopener noreferrer nofollow">SHIB</a> volume at this price point. Depending on the direction of market sentiment going forward, this critical support may serve as the foundation for future price movement.
From a technical standpoint, SHIB is still under a lot of pressure. The 26 and 50 EMA, which serve as dynamic resistance, are its descending moving averages, and it is still having trouble breaking through them. <a href="https://u.today/shiba-inu-to-0000013-38-trillion-shib-hurdle-awaits-bulls" rel="noopener noreferrer nofollow">SHIB</a> is currently making an effort to consolidate just above $0.000012, a range that has historically served as both support and resistance in prior cycles. <img src="https://u.today/sites/default/files/inline-images/image_2006.png" alt="SHIBUSDT">
There appears to be no discernible bullish or bearish momentum as the Relative Strength Index (RSI) lingers around the neutral 50 mark. An intricate tale is revealed by the on-chain data. As per the In/Out of the Money analysis by IntoTheBlock, approximately 45% of SHIB holders are currently making money, while 54% are still in the red. One could refer to the 21 trillion <a href="https://u.today/881353310-shib-burned-by-this-major-shiba-inu-burner-details" rel="noopener noreferrer nofollow">SHIB</a> tokens that are grouped at the $0.000012 price level as a buy wall.
This significant accumulation zone may keep the price from dropping much lower unless outside forces like a market-wide decline take over. But it also suggests that there is a resistance ceiling slightly above that range. A steep sell-off may occur as bag holders try to break even if SHIB is unable to generate enough volume or investor interest to break above $0.000013-$0.000014.
The volume bars on the chart also show a general lack of trading activity, which makes it harder to support a bullish breakout in the near future. In conclusion, even though bulls have something to rely on with the formation of a 21 trillion SHIB support level, the lack of momentum and persistent overhead resistance imply that any upside may be constrained unless there is a significant improvement in the general sentiment toward cryptocurrencies. <a href="https://u.today/21000000000000-shiba-inu-shib-support-is-born-whats-happening" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

21,000,000,000,000 Shiba Inu (SHIB) Support Is Born: What's Happening?

U.Today

Other articles published on Apr 20, 2025

Join our free newsletter for daily crypto updates!