Shiba Inu It is showing interesting price action as it looks to break above the sloping upper trend line which it has been trading below since the first week of March. Currently, SHIB is up 10% in the past 7 days and is At a critical juncture Of a breakout that could lead to a strong upward movement. Failure to show a strong breakout may result in a reversal in the downward movement.
However, although SHIB is looking to breakout, the data shows that there are still multiple resistance levels to overcome. In particular, on-chain data from IntoTheBlock (ITB) reveals multiple walls of addresses between the current price and $0.000139.
The Shiba Inu is looking to break above the $0.0001 level
At the time of writing, SHIB is trading at $0.00002494. Recent price action over the past 24 hours indicates that Bulls are looking now To push the cryptocurrency above the $0.000025 price level. This suggests that many investors are still bullish on SHIB.
according to Data from ITBAbout 62,700 addresses worth 69.97 trillion SHIB were purchased at this point at an average price of $0.000025. Although SHIB will eventually break out, there are still five walls of resistance to overcome on its way to reaching a new all-time high. These price walls consist of a group of addresses that can start selling immediately after breaking even.
Interestingly, there are about 454,160 addresses existing between the current price of the Shiba Inu and the current all-time high of $0.00008845. The first major resistance is at the average price of $0.000028, where 98,230 addresses contain about 40.17 trillion SHIB tokens. This range of addresses was bought at a maximum price of $0.00003 and SHIB will need to break through this price point before the next resistance.
After crossing this price cap, the Shiba Inu will face another resistance at around $0.000033 where 143,280 addresses contain 21.3 trillion SHIB tokens. The Shiba Inu would need to break through an additional barrier with an average price of $0.000040. There are only 57,180 titles waiting for you 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 make a strong break above $0.000040 this year. Rising up to this point may result in… Consolidation in the short term As many traders sell and take profits. At the same time, it can also lead to an increase in accumulation which in turn can translate into a Stronger bullish sentiment.
The path to $0.000139 includes two more resistance levels with 62,340 and 92,530 addresses with volumes of 33 trillion SHIB and 29.73 trillion SHIB respectively.
On the other hand, the Shiba Inu will need to defend its current support at $0.000022 in the short term.
Chart from Tradingview.com