- Shiba Inu, the dog-themed cryptocurrency, has rebounded from a robust support level near $0.000010 on August 5.
- The cryptocurrency continued to ascend, peaking at $0.00001442 on Thursday before experiencing a slight pullback during Friday’s session.
- On-chain data reveals a critical resistance range that Shiba Inu must surpass to attain significant price recovery.
Discover the pivotal resistance factors affecting Shiba Inu’s price recovery and what the future potentially holds for this popular cryptocurrency.
Key Resistance Levels for Shiba Inu Price Recovery
According to data from IntoTheBlock, an estimated 487.98 trillion SHIB tokens were acquired by 105,280 addresses within the price range of $0.000015 to $0.000019, averaging at $0.000017. This volume indicates a substantial investment base that aims either to break even or achieve profitability when the price reapproaches these levels.
The Impact of Buying Pressure on Shiba Inu
The presence of this large volume of SHIB tokens purchased in this particular range signifies that for a meaningful price recovery to occur, bullish momentum needs to be strong enough to push the price beyond this resistance zone. If the bulls fail to achieve this, it could result in prolonged price consolidation or even a further downturn as sellers might seize any short-term price rallies to liquidate holdings.
Current Market Sentiment and Trends
As of the latest trading update, Shiba Inu is up by 2.52% within the last 24 hours, trading at $0.00001389. However, it reflects a 6.29% decline on a weekly basis. The current rebound faces its next challenge at the moving averages, with bears expected to exert significant selling pressure.
Potential Price Movements
If Shiba Inu’s price falters at the moving averages, it could point towards sustained selling, heightening the risk of a decline back to $0.000010. Conversely, if buyer activity successfully pushes the price above the moving averages, it may signify a reduction in selling pressure, potentially driving the price towards $0.000020. Breaking this level could then place the $0.00003 mark within reach.
Conclusion
In summary, Shiba Inu’s price action is at a critical juncture, with substantial resistance looming at the $0.000017 level. Successful bullish momentum holds the potential for significant price gains, while failure to break through key resistance levels could usher in further consolidation or decline. Investors should closely monitor buying and selling pressures as they navigate these pivotal price points.
