Bitrabo Editorial
Shiba Inu is showing an interesting price movement with intentions to break free from a downward trendline that has been in place since early March. Currently, the coin has seen a 10% increase in the last week and is on the verge of a potential breakout that could trigger a bullish trend. Nevertheless, the failure to achieve a strong breakout might result in a shift towards bearish territory.
Despite the optimistic outlook, data indicates that there are several obstacles to overcome before reaching $0.000139. IntoTheBlock (ITB) data highlights various levels of resistance existing between the current price and the target value.
Positive Movement Towards $0.0001
As of the latest data, Shiba Inu is valued at $0.00002494. Recent price actions have shown signs of bullish momentum aiming to surpass the $0.000025 mark. This inclination suggests a positive sentiment among many investors towards Shiba Inu.
Information from ITB reveals that approximately 62,700 addresses have acquired 69.97 trillion SHIB at an average cost of $0.000025. Despite the expected breakthrough, there are still five resistance barriers to navigate for Shiba Inu to reach a new record high. These barriers encompass various address clusters that could prompt selling activities shortly after breaching the thresholds.
Notably, there are about 454,160 addresses positioned between the current SHIB value and its all-time peak of $0.00008845. The initial significant resistance appears at an average price of $0.000028, involving 98,230 addresses holding approximately 40.17 trillion SHIB tokens acquired at a maximum price of $0.00003.
Upon surmounting this level, the next hurdle lies around $0.000033, with 143,280 addresses safeguarding 21.3 trillion SHIB tokens. Another obstacle looms at an average price of $0.000040, with 57,180 addresses in possession of SHIB tokens obtained within the price range of $0.000036 to $0.000044.
Nevertheless, breaching the $0.000040 threshold poses a significant challenge for Shiba Inu, as the coin has not convincingly surpassed this value this year. A potential climb to this point could result in a temporary consolidation period as traders opt to sell and capitalize on profits, while also fostering increased accumulation, thereby enhancing bullish sentiments.
Further along the path towards $0.000139 are two more resistance points guarded by 62,340 and 92,530 addresses holding volumes of 33 trillion SHIB and 29.73 trillion SHIB, respectively.
Conversely, Shiba Inu must uphold its current support at $0.000022 in the near term to maintain its position.