The famous meme coin Shiba Inu (SHIB) is rising along with the broader crypto market. At the time of writing, SHIB is up 5% in the last 24 hours to $0.00001682, marking a 10% gain on a weekly basis. Notably, SHIB's price has been rising steadily since dropping below $0.00001266 on July 5, closing in the green for six of the eight days. However, on-chain data shows that the Shiba Inu still faces a significant test, and the situation is not so positive.
Data from IntoTheBlock reveals that the meme coin's price increase is facing a major hurdle in the $0.000017 to $0.000019 range. At currently traded price levels, 424.11 trillion SHIBs have been purchased by 30,730 addresses for an average of $0.000018 between $0.000017 and $0.000019. This price range forms an important resistance level that could potentially restrict upside movement.
The large amount of SHIB held at these levels suggests that many investors may consider selling their tokens to cover their costs; This could cause selling pressure that could slow the upward movement. Shiba Inu bulls looking to break through resistance must generate strong buying interest to relieve selling pressure and push the SHIB price beyond this critical level. The coming days may be a difficult period for the bulls trying to overcome this important obstacle. However, within this resistance range, if SHIB holders choose to hold their tokens rather than sell them, it could ease the selling pressure and trigger a price breakout.
Traders need to watch out for Shiba Inu bulls in this resistance zone. If SHIB manages to break through the 424.11 trillion SHIB resistance, it could increase the potential for further gains. Otherwise, if resistance remains unbroken, a price pullback may occur or SHIB may remain in the current trading range for a longer period of time. As trends evolve, it can be very important to examine crypto market sentiment and consider technical and on-chain data to determine possible movements of the Shiba Inu price.
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