Shiba Inu (Shiba) news

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.

Important Notice: Disclaimer Regarding Financial Advice
The information presented in this article is intended solely for informational purposes and should not be considered as financial advice. disclaims any responsibility for investment decisions made by individuals relying on the information provided herein. It is highly recommended to consult with a qualified professional or financial advisor before making any investment decisions. Your financial well-being is crucial, and seeking expert guidance ensures that your investment choices align with your individual financial goals and risk tolerance.

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