- Shiba Inu (SHIB) has seen a major reversal in its uptrend as the bid to retest the $0.00003 mark has hit a major bump.
- The growth momentum has been stumped, with key resistance levels and price volume being highlighted by crypto analytics service provider IntoTheBlock (ITB).
- Per the data shared, Shiba Inu’s break-even average price is pegged at $0.000025, with a total SHIB volume of 72.96 trillion concentrated at this point.
Shiba Inu (SHIB) faces significant resistance at $0.00003, with key insights from IntoTheBlock highlighting the challenges ahead for the popular meme coin.
19 trillion SHIB resistance spotted
According to the data shared by IntoTheBlock, Shiba Inu’s break-even average price is pegged at $0.000025, with a total SHIB volume of 72.96 trillion concentrated at this point. A total of 5.13% of Shiba Inu addresses are at this level, amounting to 68,620 addresses.
The move up from here is confronted with a major resistance level at the price range of $0.00003 to $0.000036, with an average price of $0.000033. Within this range, a total of 140.13K addresses have stacked up a total of 19.44 trillion SHIB. In the journey toward its all-time high (ATH), this resistance point is arguably the most important to watch.
Should the 140,000 addresses that accumulated at this point make an attempt to sell when they “Enter the Money,” a corresponding slip-off might continually be recorded. Overall, the Shiba Inu ecosystem is characterized by more addresses in gains. As gleaned from ITB, 827,480 addresses are “In the Money,” accounting for over 61.82% of the total in the ecosystem.
The Shiba Inu “difference”
Among the most capitalized altcoins, Shiba Inu comes off as one of the most ambitious. As a meme coin project from the outset, the token has made several important pivots. With a market capitalization of $15.09 billion, SHIB is the 12th largest asset with a price of $0.00002557.
The retracement in SHIB might be a temporary slip considering the broader crypto ecosystem is riding the bullish Ethereum ETF approval hype. While the actual green light has not been given, the expectation that the SEC will give this approval is driving the market upward, with many altcoins taking advantage.
Conclusion
In conclusion, Shiba Inu (SHIB) is currently facing significant resistance at the $0.00003 mark, with key insights from IntoTheBlock highlighting the challenges ahead. Despite the current retracement, the broader crypto market’s bullish sentiment, driven by the anticipated Ethereum ETF approval, could provide the necessary momentum for SHIB to overcome its resistance levels. Investors should keep a close watch on the developments and market reactions to navigate their strategies effectively.
