đ Shiba Inu Nears Gigantic 298 Trillion SHIB Barrier, Will Bulls Prevail?đđĽđ
â˘Shiba Inu is close to taking on the biggest and most important price barrier in its upward ascent. This is because a complete takeover of this barrier might spur 100% gains for Shiba Inu based on current prices.
â˘At the time of writing, SHIB was up 2.79% in the last 24 hours to $0.0000079. Very close to where Shiba Inu trades is a minute barrier: 1.26 trillion SHIB were bought by 4,440 addresses at the $0.000008 level, per IntoTheBlock data.
â˘Given that this is just a minuscule level, Shiba Inu bulls might take on this level with ease, but the real challenge lies just ahead.
â˘Looming in front of Shiba Inu bulls is a gigantic price barrier; this represents the biggest among the red clusters, which indicates SHIB price resistance. Shiba Inu
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Global In/Out of the Money, Courtesy: IntoTheBlock
â˘This range, which runs between $0.000008 and $0.000014, saw 430,600 Shiba Inu addresses purchase a massive 298.83 trillion SHIB. This massive amount of SHIB was purchased at an average price of $0.000010.
â˘This price range is expected to see high selling pressure because many of these addresses will want to sell when the market price reaches their average cost and break-even point on their positions. This will function as a barrier to further price increases at these levels.
â˘On the other hand, a silver lining presents itself given the fact that more addresses bought enormous SHIB quantities at these price levels.
â˘Bulls might strive to confirm this price barrier as support, which would serve as a massive springboard for further Shiba Inu rises.
â˘In what would boost utility, Shib Name Service (SNS) on Shibarium went live during the week, allowing Shiba Inu holders to take control of their identities.
â˘In the last 24 hours, Shiba Inu has also experienced significant token movement. Whale Alert, a cryptocurrency data tracker, reported that 4,454,530,677,374 SHIB worth $34,314,122 had been transferred from Bitvavo to an unknown wallet.
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