As an experienced cryptocurrency analyst, I’ve seen my fair share of price surges and resistance levels in the digital asset market. The recent rise of Shiba Inu (SHIB) is no exception, with its price up 5% in the last 24 hours and 10% weekly. However, looking beyond the surface, there are signs that SHIB’s biggest test still lies ahead.
The cost of the cryptocurrency represented by the Shiba Inu dog breed, SHIB, is experiencing a rise in value concurrently with the overall crypto market. Currently, SHIB is valued at $0.00001682, marking a 5% increase within the last day. Additionally, there has been a 10% growth observed over the past week.
Significantly, Shiba Inu’s price has been climbing steadily since reaching a low of $0.00001266 on July 5, and it has recorded gains in six out of eight consecutive trading days. However, optimism may be premature as on-chain data indicates that Shiba Inu could face its most significant challenge yet.
Based on data from IntoTheBlock’s on-chain analysis, there is a large supply of approximately 424.11 trillion SHIB tokens lying within the price range of $0.000017 to $0.000019. This significant amount could potentially pose a challenge for the Shiba Inu token’s price surge.
Biggest test lies ahead for SHIB price
Based on IntoTheBlock’s data analysis, approximately 424.11 trillion SHIB tokens were purchased by around 30,730 different wallets at prices ranging from $0.000017 to $0.000019, with an average purchase price of $0.000018. This price range is considered a notable resistance level that could potentially obstruct further price increases for SHIB.
A large amount of SHIB being held at these prices indicates that numerous SHIB investors may be looking to sell their tokens in order to recoup their initial investment, generating pressure for the price to decrease and potentially hinder any upward progression. For Shiba Inu to surmount this resistance level, buyers need to be enticed back into the market to counteract selling pressure and drive the SHIB price beyond this significant threshold.
In the upcoming days, the bulls may face a rigorous challenge in pushing SHIB past this substantial barrier and continuing its uptrend. Should SHIB investors at this resistance level opt to hang on instead of cashing out, it could lessen selling pressure and potentially lead to a price surge.
Traders should keep an eye out for Shiba Inu’s potential bullish advancement as it attempts to surmount the resistance level at this price point. Should SHIB successfully breach the barrier of 424.11 trillion SHIB, the path may be cleared for additional growth. Conversely, if the resistance remains unyielding, a pullback in pricing or an extended stay within the current trading range is a possibility.
As the trend continues to develop, analyzing both technical data and on-chain information could prove essential in deciphering the potential direction of Shiba Inu’s price movements.
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2024-07-13 13:24