According to U.Today, recent data from IntoTheBlock indicates a robust Shiba Inu price, backed by strong holder support. The on-chain metrics reveal that over 35 trillion addresses, grouped by their purchase price, underpin the current price zone. This suggests that the current price level is a comfortable holding point for many, potentially acting as a price floor as these holders may resist selling unless there's a significant price increase.
In a technical snapshot, Shiba Inu (SHIB) has been making moves. A support level has been established at the $0.000022 mark, a base that SHIB has previously bounced off from. On the resistance side, SHIB faces a hurdle at the $0.000028 mark. The volume has been steady, neither indicating a clear surge nor a worrying drop-off. This steady volume, coupled with a large portion of holders being 'In The Money,' could potentially stabilize the current price levels.
If market sentiment remains positive and any selling pressure is absorbed, SHIB could potentially push towards the $0.000028 resistance level. The key question is whether it can break through and maintain above this point, potentially setting the stage for further growth. However, Shiba Inu remains one of the most volatile assets in the cryptocurrency market, with most of its movements being unpredictable. Despite the positive on-chain situation, caution is advised to avoid a sudden sell-off that could occur at any moment.