Shiba Inu is back in the spotlight of the crypto space. On August 5th, it bounced from a strong support near $0.000010 and continued recovering to reach highs at $0.00001442 on Thursday.
However, yesterday’s trading session brought about a slight retreat that has investors watching closely their next move.
The Crucial Resistance Range
According to IntoTheBlock’s on-chain data, 487.98 trillion SHIB tokens were purchased across 105,280 addresses within the range of $0.000015 to $0.000019 or around $0.000017 on average.
This is Why this Range Matters:
- Break Even or Realize Profits: Many investors may be looking to break even or realize profits around these levels.
- Key Resistance: In order for Shiba Inu to have any significant price recovery, bulls must overcome this critical resistance level(s). Failing which may lead into prolonged consolidation or worse still another down wave.
What the Bulls Must Do
For Shiba Inu bulls, their job could not be more cut out; they have got to generate enough buying power to push beyond the $0.000019 mark that will invalidate this huge barrier, thereby allowing additional upside potentiality in prices.
Potential Scenarios:
- Breaking Above $0.000019: Would signify a meaningful recovery and could push SHIB towards new highs.
- Failure To Break Resistance: May attract sellers seeking short-lived rallies, leading to another drop-off.
What Next for Shiba Inu?
As of now, SHIB was trading up 2.52% over the past 24 hours at $0.00001389 but down -6.29% on a weekly basis. The coming days are crucial for the price action of Shiba Inu.
Key Levels To Watch For:
- Moving Averages Battle: If Shiba Inu continues its rebound, it may face strong resistance at the moving averages. However, a sharp fall from these levels could mean persistent selling pressure.
- Bulls Push Above Moving Averages: This could signal decreasing selling pressure, which might drive SHIB towards $0.000020 or even target the $0.000030 level.
In Summary
The next big thing for Shiba Inu bulls is to overcome the resistance at $0.000019 because that will either make them rich or poor depending on whether they succeed or not respectively.
Keep up with the trends and get ready for action as this saga unfolds.