Prices for Shiba Inus surged by about 300% at the beginning of March, peaking at $0.000045 on March 5. Subsequently, SHIB’s value fell due to profit-taking. SHIB started range trading on March 16 after hitting a low of $0.0000235. It then fluctuated between $0.000023 and $0.000030.
On-chain data supports this technological story with credibility. 140,030 addresses purchased 100.93 trillion SHIB at an average price of $0.000026, between the $0.000023–$000030 range where SHIB is currently traded.
The cluster’s size suggests that this is a crucial price range on the chain, where a lot of addresses, or quantities of tokens, were previously bought and would now be profitable to sell at this time as the price is greater than what they were originally paid.
Nevertheless, bulls are now concentrating on this crucial level, which may serve as a launchpad for the SHIB price rebound.
Shiba Inu’s next major resistance is expected to be in the area of $0.00003 to $0.000037, where 143,770 addresses bought 29.13 trillion SHIB at an average price of $0.000033.
Sustaining key range might forestall 30% declines
The next support level for SHIB, however, is located between $0.000019 and $0.000023, when 47,640 addresses bought 35.55 trillion SHIB at an average price of $0.000021.
Therefore, it may be crucial for Shiba Inu to maintain the previously specified 100 trillion SHIB range in order to prevent losses below $0.000019, or around 30% below current prices.
SHIB was up 3.87% over the previous day to $0.00002787 at the time of writing.
Shiba Inus continue to be popular. As the weekend gets underway, traders are mostly focused in Bitcoin, fiat, and meme currencies, according to on-chain analytics company Santiment.
Before the weekend, there are more and more stories on meme currencies outside Bitcoin. Meme currency market cap decreases, in Santiment’s opinion, are displaying divisive opinions.
