As a seasoned crypto investor with a penchant for meme coins and a soft spot for Shiba Inus, I find myself intrigued by the current predicament of SHIB. With the massive 422 trillion SHIB acting as a formidable resistance wall, it’s like standing at the foot of Mount Everest, ready to conquer its peak but faced with an icy cliff that seems insurmountable.
The dog-related digital currency, Shiba Inu (SHIB), is nearing a significant barrier in its price movement, with around 422 trillion tokens currently being hoarded. This massive stockpile of SHIB has sparked curiosity about the coin’s possible future direction.
At the time of writing, SHIB was marginally up 0.77% in the last 24 hours to $0.000017.
Based on data from IntoTheBlock, a significant hurdle exists near the current trading level of Shiba Inu, where approximately 422.85 trillion SHIB are being held by around 35,600 different Shiba Inu wallets, with prices ranging between $0.000018 and $0.000019.
In simpler terms, reaching this 422 trillion Shiba Inu (SHIB) resistance point poses a substantial challenge that could potentially slow down or halt its immediate upward movement.
In simpler terms, when there’s a large quantity of SHIB held by many people, it might lead to significant selling pressure around the $0.000018 to $0.000019 price range. This is because these individuals will likely sell their tokens once the market price reaches the average cost they paid and the point where they break even on their investment. Essentially, this price range could act as a barrier preventing any further price increases in that specific range due to the high volume of selling activity.
What’s next for Shiba Inu price?
The direction of Shiba Inu’s price movement is heavily influenced by whether they can successfully surmount the formidable barrier of 422 trillion SHIB, which acts as a strong resistance level. For Shiba Inu supporters, it’s essential to build up new momentum and attract sufficient buying interest to conquer this substantial obstacle.
If it’s successful, Shiba Inu may reach unprecedented price heights, but for the moment, investors might have to be patient since the token is encountering a significant obstacle in its supply, requiring persistence.
An increase or surge in the overall cryptocurrency market, particularly in the realm of meme coins, might rekindle demand for SHIB and potentially drive its price beyond current resistance points.
As a crypto investor, I’m currently observing the Shiba Inu price holding steady within its daily moving average range. Specifically, it’s fluctuating between approximately $0.0000164 (50 MA) and $0.0000186 (200 MA). A potential breakout in either direction could be a sign of Shiba Inu’s next short-term price action.
If Shiba Inu (SHIB) experiences an upward surge, it could potentially reach approximately $0.0000216 before aiming for a higher target of $0.0000263. Conversely, if SHIB falls below its daily Simple Moving Average 50, this might cause SHIB to leave its current trading range and retrace back to the lower end of its broader range. Support in such a scenario could be expected at around $0.000012.
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2024-10-27 18:16