Shiba Inu Faces Resistance: Can It Overcome the Barrier for a Potential 200% Surge?”

Shiba Inu finds itself in a price standstill as bullish attempts to lift SHIB above $0.00001 have been met with resistance on numerous occasions. The dog-themed token continues to consolidate below this level, struggling to breach it. Currently trading at $0.000009, showing a 0.46% increase over the last 24 hours, Shiba Inu holds a market cap of $5.3 billion, securing its position as the 18th top cryptocurrency.

While traders eye potential upward moves in the next chapters, Shiba Inu faces a formidable wall that could lead to gains of 150% to 200% if overcome. To unleash a substantial rally, Shiba Inu needs to surpass this selling barrier, potentially reaching $0.000027, representing an approximately 200% increase from the current price of $0.000009024.

According to IntoTheBlock’s equilibrium price, Shiba Inu encounters a selling wall at levels of $0.000009 and $0.000027, affecting 457,771 addresses with an average price of $0.000015. This implies that over 457,000 addresses holding Shiba Inu would need the token to rise to the mentioned price ranges to break even.

Shiba Inu Witnesses a Significant Surge in Network Transactions

According to IntoTheBlock, Shiba Inu experiences a notable increase in the transaction count, reflecting the number of transactions for a specific crypto asset on a given day. Shiba Inu observed a jump in transactions from 3,200 on January 25 to 3,380 on January 26.

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Transaction counts partially indicate the utility derived from the cryptocurrency. While this metric, akin to daily active addresses, tends to move in tandem with the price, a divergence between the two suggests less speculative trading and more organic use of the underlying crypto assets.

The 24-hour transaction volume for Shiba Inu reached 3.4 trillion SHIB, showcasing continued activity within the token’s ecosystem.

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