According to U.Today, Shiba Inu (SHIB), a dog-themed cryptocurrency, has experienced a nearly 3% drop in its value in the last 24 hours. The cryptocurrency was down 2.47% to $0.000024, after hitting intraday lows of $0.00002284. This decline has taken SHIB below the closely observed daily SMA 50 level at $0.00002447. This level was surpassed by Shiba Inu bulls in late May, but maintaining it as support has been a struggle.
The recent dip in price has drawn the attention of investors and traders, who are closely watching SHIB's performance for signs of recovery or further decline. As SHIB navigates this critical phase, the next significant resistance level is expected to be in the range of $0.000025 to $0.00003. These resistance levels are important as they indicate the price point at which selling pressure surpasses buying pressure, potentially leading to a price stall or reversal.
For SHIB, crossing this threshold could indicate a bullish trend, attracting more investors. An interesting aspect of this resistance level is the large amount of SHIB that was previously purchased within this range. Data from on-chain analytics firm IntoTheBlock shows that 92.2 trillion SHIB were bought by 124,220 addresses in the range between $0.000025 to $0.00003 at an average price of $0.000028. Given the large amount of SHIB held in this range, Shiba Inu could potentially break through the resistance and climb higher.
To achieve this, Shiba Inu must prevent further declines by maintaining a key range, where 26 trillion SHIB are being held. According to IntoTheBlock data, 26.55 trillion SHIB were bought by 62,080 addresses in Shiba Inu's current trading range between $0.000023 and $0.000025. Technically, for a price uptrend to restart and to escape range trading, SHIB must return above and decisively break past the daily SMA 50 at $0.00002447.