Shiba Inu’s Price Analysis: Key Support and Resistance Levels Signal Potential Rebound”
In early March, Shiba Inu (SHIB) witnessed an impressive surge of approximately 300%, reaching a peak of $0.000045 on March 5th. However, profit-taking caused the price of SHIB to decline thereafter. After reaching its lowest point at $0.0000235 on March 16th, SHIB entered a trading range, fluctuating between $0.000023 and $0.000030.
Data available on the blockchain adds credibility to this technical narrative. Currently trading within a range of $0.000023 to $0.000030, SHIB has seen 100.93 trillion SHIB bought through 140,030 addresses, with an average price of $0.000026.
The large volume of the group indicates that this is a key price range on-chain, with many addresses (or quantities of tokens) previously purchased and now poised to profit if sold today at prices above acquisition costs.
However, traders are currently focused on the upward movement at this key level, which could serve as a launching pad for SHIB price recovery.
Looking ahead, Shiba Inu will face significant resistance in the range of $0.00003 to $0.000037, with 29.13 trillion SHIB bought through 143,770 addresses at an average price of $0.000033.
Maintaining the key range may prevent a decline of approximately 30%.
Simultaneously, the next support level for SHIB ranges between $0.000019 and $0.000023, with 35.55 trillion SHIB bought through 47,640 addresses at an average price of $0.000021.
Therefore, maintaining the aforementioned 100 trillion SHIB range is crucial to preventing a decline to $0.000019, representing a decrease of approximately 30% from current levels.
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At the time of writing this report, SHIB was trading at $0.00002787, up 3.87% over the past 24 hours. Shiba Inu continues to attract attention. According to on-chain analytics firm Santiment, Bitcoin and altcoins, alongside meme coins, are the primary focus of traders at the start of the weekend.
Apart from Bitcoin, meme coins are gaining increasing attention ahead of the weekend. According to Santiment, fluctuations in the market cap of digital currencies indicate polarizing viewpoints.
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