According to U.Today, the price of Shiba Inu (SHIB) has experienced a notable increase alongside the broader cryptocurrency market. At the time of writing, SHIB has risen by 5% in the last 24 hours to $0.00001682 and has seen a 10% increase over the past week. This upward trend has been consistent since hitting a low of $0.00001266 on July 5, with six out of the last eight days showing positive movement. However, on-chain data indicates that Shiba Inu may face a significant challenge ahead.
Data from IntoTheBlock reveals that a substantial 424.11 trillion SHIB were purchased by 30,730 addresses within the price range of $0.000017 to $0.000019, with an average price of $0.000018. This range represents a major resistance level that could impede further upward movement. The large volume of SHIB held in this range suggests that many holders might be looking to sell their tokens to break even, creating selling pressure that could slow down the price increase.
For Shiba Inu to overcome this resistance, bulls will need to attract enough buying interest to counteract the selling pressure and push the price past this critical range. The coming days will be crucial for the bulls as they attempt to maintain SHIB's upward trajectory. If holders within this resistance range decide to hold rather than sell, it could reduce selling pressure and potentially trigger a price breakout.
Traders should monitor the situation closely to see if Shiba Inu bulls can prevail against the resistance. If SHIB manages to break through the 424.11 trillion SHIB wall, it could pave the way for further gains. However, if the resistance remains unbroken, a price retracement might occur, or SHIB could continue trading within its current range for an extended period. As the trend develops, it will be important to analyze technical and on-chain data to gauge market sentiment and predict the likely movement of Shiba Inu's price.