The price of the popular dog-themed memecoin project Shiba Inu is seeing an increase along with the wider crypto market. As of the time of writing, SHIB has risen by 5% in the last 24 hours to $0.00001682 and has shown a 10% increase over the week. SHIB’s price has been steadily rising since it dropped to $0.00001266 on July 5, marking six out of eight days in the green.
What’s Happening on the Shiba Inu Front?
On-chain data reveals that Shiba Inu’s biggest test is still ahead, suggesting a less optimistic outlook. IntoTheBlock on-chain data shows that Shiba Inu’s price increase faces a significant obstacle in the form of a massive 424.11 trillion SHIB between the $0.000017 and $0.000019 range.
According to IntoTheBlock data, 424.11 trillion SHIB were purchased at an average price of $0.000018 by 30,730 addresses in the $0.000017 to $0.000019 range, representing a significant resistance level that could potentially hinder further upward movement.
The large volume of SHIB held in this price range indicates that many SHIB holders might want to sell their tokens at the breakeven point, causing selling pressure that could slow down the upward movement. To break the resistance, Shiba Inu bulls need to attract such buying interest to disperse the selling pressure and push the SHIB price above this critical range.
Details on the Subject
However, the coming days could be a real test for the bulls trying to overcome this significant obstacle and maintain SHIB’s upward trajectory. If SHIB holders in this resistance range prefer to hold rather than sell, it could reduce selling pressure and trigger a breakout in price.
Investors should pay attention to Shiba Inu bulls if they can overcome the resistance in this range. If SHIB manages to surpass the 424.11 trillion SHIB wall, it could pave the way for further gains. However, if the resistance remains unbroken, a price pullback could occur, or SHIB could stay within its current trading range for a longer period. As the trend develops, scanning technical and on-chain data for crypto market sentiment could be crucial in determining the potential movement of Shiba Inu’s price.
