Shiba Inu (SHIB) Faced With Critical Moment Amid 5% Price Rebound
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Shiba Inu (SHIB) is at a pivotal point, with its price rebounding by 5%, signaling a critical moment for the cryptocurrency. At the time of writing, SHIB had risen 2.83% in the previous 24 hours to $0.0000176, per CoinMarketCap.
The immediate goal for SHIB bulls is to reclaim the $0.000017 to $0.000018 range, which encompasses a massive 419.58 trillion SHIB. According to IntoTheBlock's Global In/Out of Money, 419.58 trillion SHIB were bought by 21,010 addresses in the range of $0.000017 to $0.000018.
This range is expected to have high selling pressure since many of these addresses will look to sell once the market price reaches their average cost and breaks even on their positions. This will serve as a resistance level against further price increases at those levels.
