For this to occur, #ShibaInu: has to forestall further declines by sustaining key range
In the last 24 hours, dog-themed cryptocurrency Shiba Inu ($SHIB ) has seen a nearly 3% drop in its value. At the time of writing, #SHIB، was down 2.47% in the last 24 hours to $0.000024, after reaching intraday lows of $0.00002284.
The price decline has taken SHIB below the much-watched daily SMA 50 level at $0.00002447. Shiba Inu bulls overcame this crucial barrier in late May, but turning this level into support has been a battle between bulls and bears.
With the drop beneath the daily SMA 50, the recent dip in price has caught the attention of investors and traders alike, as they closely monitor SHIB's performance for signs of recovery or further decline.
As SHIB navigates through this critical phase, the next significant resistance level is anticipated to be in the range of $0.000025 to $0.00003. Resistance levels are crucial as they represent the price point at which selling pressure overcomes buying pressure, potentially leading to a price stall or reversal. For SHIB, crossing this threshold could signal a bullish trend, enticing more #investors to join the fray.
An intriguing aspect of this resistance level is the substantial amount of SHIB that was previously acquired within this range.
In/Out of the Money Around Price, Courtesy: #IntoTheBlock
According to data from on-chain analytics firm IntoTheBlock, 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 enormous SHIB held in this range, Shiba Inu could find a launchpad here, breaking through the resistance and climbing higher. For this to occur, Shiba Inu has to forestall further declines by sustaining a key range, where 26 trillion SHIB are being held.
Based on 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, SHIB must return above and decisively break past the daily SMA 50 at $0.00002447 to restart a price uptrend and escape range trading.