Shiba Inu (SHIB) has had a significant reversal in its upward trend due to a significant increase in the bid to retest the $0.00003 level. The crypto analytics service provider IntoTheBlock (ITB) has hinted at the price volume and major resistance level, indicating that the growing impetus has stalled.
19 trillion SHIB resistance spotted
Shiba Inu’s break-even average price is set at $0.000025, according to the data provided, and the whole SHIB volume is concentrated at this point at 72.96 trillion. 68,620 addresses, or 5.13% of all Shiba Inu addresses, are at this level.
A significant resistance level is in the price band of $0.00003 to $0.000036, with an average price of $0.000033, which stands in the way of any further upward movement. A total of 140.13K addresses accumulated 19.44 trillion SHIB inside this timeframe. This resistance point is perhaps the most crucial to keep an eye on as it approaches its all-time high (ATH).
If the 140,000 addresses that have gathered up to this point try to sell when they “Enter the Money,” there may be a consistent slip-off. More addresses in gains characterise the Shiba Inu ecology as a whole.
827,480 addresses are “In the Money,” making up more than 61.82% of all addresses in the ecosystem, according to data gathered by ITB.
The Shib Inu “difference”
Shiba Inu appears to be one of the most ambitious cryptocurrencies among the most capitalised ones. The currency, which started out as a meme coin initiative, has undergone a number of significant changes. SHIB, with a price of $0.00002557, is the 12th biggest asset with a market capitalization of $15.09 billion.
Given that the whole cryptocurrency community is riding the bullish spot Ethereum ETF approval euphoria, the SHIB pullback may just be a brief slide. The assumption that the SEC would provide this permission is pushing the market higher, with SHIB benefiting even though the green light has not yet been issued.
