Since the first week of March, Shiba Inu has been trading beneath a downward-sloping upper trendline. The price movement of Shiba Inu is now displaying unusual behavior as it attempts to breakthrough above this trendline. SHIB is now at a key junction of a breakout that might lead to a strong bullish action. This is a result of the fact that it has increased by 10% over the course of the last seven days. If a substantial breakout is not shown, it may result in a reversal into negative activity throughout the trading session.
On the other hand, despite the fact that SHIB seems to be setting up for a breakout, the data indicates that there are still a number of resistance levels to overcome. Specifically, on-chain data from IntoTheBlock (ITB) demonstrates that there are several walls of addresses between the current price and $0.000139.
Positive Shiba Inu Metrics: The Number of Wallets Between the Present Price and $0.000140
As this article is being written, the current price of SHIB is $0.00002494. Based on the price activity that has occurred over the course of the last twenty-four hours, it seems that bulls are now attempting to push the cryptocurrency price over the $0.000025 mark. This suggests that a significant number of investors continue to have an optimistic outlook on SHIB.
The information provided by ITB indicates that about 62,700 addresses have acquired 69.97 trillion SHIB at this point in time, with the average price being $0.000025. Despite the fact that SHIB will ultimately break through, there are still five resistant barriers that it must conquer in order to hit a new all-time high. These price barriers are made up of a variety of addresses that have the potential to begin selloffs promptly after the market has reached a point of equilibrium.
There are around 454,160 addresses that are still in existence between the present price of Shiba Inu and the current all-time high of $0.00008845. This is an interesting aspect to consider. At an average price of $0.000028, where 98,230 addresses are holding around 40.17 trillion SHIB tokens, the first key barrier is located. This particular range of addresses was purchased at a maximum price of $0.00003, and in order for SHIB to overcome the subsequent resistance, it would be necessary for it to break over this price threshold.
If Shiba Inu were to achieve this maximum price, it would be confronted with another obstacle at about $0.000033, which is the location where 143,280 addresses are now holding 21.3 trillion SHIB tokens together. In order to break through an extra barrier, Shiba Inu would need to achieve an average price of $0.000040 as well. There are only 57,180 addresses waiting here with a maximum and lowest price of $0.000036 and $0.000044 respectively.
Since SHIB has not yet shown a robust break above $0.000040 this year, this level, nevertheless, represents a significant psychological barrier that needs to be overcome. In the near term, a consolidation may occur as a result of a rally up to this point since many traders may sell and grab gains while in the market. At the same time, it might also contribute to a surge in accumulation which in turn could translate to a greater positive feeling.
In addition to the 62,340 and 92,530 addresses that contain quantities of 33 trillion SHIB and 29.73 trillion SHIB, respectively, there are two more barrier levels that are connected to the route that leads to $0.000139.
Additionally, in the near run, Shiba Inu would have to defend its present support level of $0.000022 in order to maintain its position.