Shiba Inu Eyes 224 Trillion SHIB Milestone as Price Rebounds.
The Shiba Inu (SHIB) cryptocurrency is showing signs of a potential turnaround following its decline since December 2023.
Currently, SHIB is up 3.74% trading at approximately $0.00000921, marking an increase from its recent low of $0.0000088 on Feb. 6. This upward momentum positions SHIB close to surpassing a significant barrier of 224 trillion SHIB, which could initiate renewed buying interest and market momentum.
Data from Into TheBlock indicates that 224.03 trillion SHIB were acquired by 309,040 addresses within the current trading range of Shiba Inu's price. This range spans between $0.000009 and $0.000013, with the bulk of SHIB purchased at an average price of $0.000011.
The substantial accumulation of SHIB at these levels by over 300,000 addresses could potentially act as a resistance point against further price appreciation within the mentioned price range.
Therefore, a breakthrough above this resistance level with significant volume and momentum may usher in a fresh wave of buying activity, propelling the price towards the next resistance level at $0.000016. However, this level may encounter strong resistance as well, with 422.01 trillion SHIB purchased by 89,640 addresses at an average price of $0.000016, spanning between $0.000013 and $0.000019.
Conversely, failure to surpass the 224 trillion SHIB level could see SHIB finding support at $0.000009, where 28.97 trillion SHIB were acquired by 67,210 addresses.
Meanwhile, Shiba Inu lead Shytoshi Kusama has piqued curiosity with a cryptic tweet stating, "Confirming with the guys. Nice to meet you!" Although Kusama hasn't provided further context, speculation abounds. Earlier in 2024, Shiba Inu outlined its strategic direction for the year, including partnerships with D3, an official identity provider, and K9 Finance's integration with Shibarium.
