After achieving highs of $0.00001590 on February 4, Shiba Inu (SHIB) has been trapped in a broad range between $0.000009 and $0.000014. Shiba Inu’s price has periodically been threatened by bears to drop below the $0.00009 level, as it is at the moment.
SHIB was trading at $0.000086 at the time of writing, down 1.3% over the previous day from the $0.00009 level.
According to IntoTheBlock data, 368,180 addresses purchased 285.97 trillion SHIB in the $0.000009 and $0.000014 price range. The fact that this bubble is the largest among the red and green clusters suggests that more SHIB was purchased there.
With new traders joining the market as a consequence of the crypto comeback earlier in 2023, the fact that the SHIB price has largely moved within this range throughout 2023 may be the reason.
Stronger buying in this area can also be a sign that SHIB holders are not currently selling.
Will bulls save the day?
If the price swings higher rather than acting as resistance, the volume of SHIB holders who purchased at the $0.000009 to $0.000014 levels may suggest increased purchasing pressure.
The most significant support for SHIB on the downside continues to be the level of $0.000008, which has seen a lot of past demand. It comes as no surprise that this bubble continues to be the biggest in the green clusters since 29,280 addresses there bought 14.15 trillion SHIB.
Shiba Inu may have a positive reversal on a technical level as a result of its daily RSI reaching oversold levels. An oversold or undervalued state can be indicated by an RSI reading of 30 or below. Upon confirmation of oversold circumstances, SHIB may experience a relief bounce as buyers materialise.
In related developments, Binance.US’s crypto box function now allows owners of Shiba Inu to give SHIB to loved ones.
