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

by

As a seasoned crypto investor with a keen interest in Shiba Inu, I’m keeping a close eye on its price action and the various resistance levels that could impact its upward momentum. The recent 10% surge in SHIB‘s price over the past week is encouraging, especially since it’s at a crucial junction where a strong breakout could lead to significant bullish action.

As a crypto investor, I’ve noticed some intriguing price movements with Shiba Inu (SHIB). For weeks now, it has been trading under a descending upper trendline first established during the initial week of March. However, things are looking up for SHIB as it has managed to gain 10% in value over the past seven days. At present, we’re at a critical crossroads where a powerful breakout could fuel a robust bullish surge. On the contrary, if SHIB fails to demonstrate a convincing breakout, there is a risk of reverting back into bearish territory.

While SHIB appears poised for a breakthrough, it’s important to note that there are several obstacles in its path based on available data. Notably, IntoTheBlock (ITB) on-chain analysis indicates the presence of numerous address clusters between the current price and $0.000139.

Shiba Inu Looking To Break Above $0.0001

Currently, SHIB is priced at $0.00002494 during this writing. The market trend over the last 24 hours implies that buyers aim to surpass the $0.000025 mark, suggesting optimism among investors towards SHIB.

Based on ITB’s figures, approximately 62,700 addresses have bought around 69.97 trillion SHIB tokens at an average cost of $0.000025. However, reaching a new all-time high for SHIB is not an easy feat as there are five significant resistance levels to surmount. These price barriers are clusters of addresses capable of instigating sell-offs once they reach the breakeven point.

Approximately 454,160 Shiba Inu address holders currently find themselves between the coin’s present value and its all-time high of $0.00008845. Notably, the first significant barrier lies at an average price of $0.000028, where approximately 98,230 addresses collectively hold about 40.17 trillion SHIB tokens. These investors made their purchases at a maximum price of $0.00003. For Shiba Inu to surmount the next resistance, it must first breach this price threshold.

As a researcher studying the Shiba Inu market, I’ve identified two significant resistance levels for this cryptocurrency. The first one is around $0.000033, where approximately 143,280 addresses hold about 21.3 trillion SHIB tokens. Overcoming this level would require a substantial push from the market.

This level poses a significant psychological hurdle for SHIB as it has failed to surpass the $0.000040 mark with conviction this year. A potential surge up to this price might result in a brief period of consolidation, with some traders cashing out and realizing profits. Conversely, such an advance could also foster increased buying, potentially fueling a more robust bullish trend.

One way to rephrase this in a clear and natural manner is: The journey to reaching $0.000139 involves two additional resistance levels. At these levels, there are approximately 62,340 and 92,530 addresses, each holding substantial volumes of around 33 trillion and 29.73 trillion SHIB tokens respectively.

As a Shiba Inu investor, I recognize that the coin’s price has been hovering around the $0.000022 mark lately. To maintain its position and potentially see growth, it is essential for Shiba Inu to hold this support level in the immediate future.

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

Read More

2024-05-19 05:11