Shiba Inu prices skyrocketed around 300% in early March, reaching a high of $0.000045 on March 5. SHIB price subsequently plummeted as a result of profit taking. After hitting a low of $0.0000235 on March 16, SHIB entered range trading, oscillating between $0.000023 and $0.000030.
Shiba Inu prices skyrocketed around 300% in early March, reaching a high of $0.000045 on March 5. SHIB price subsequently plummeted as a result of profit taking. After hitting a low of $0.0000235 on March 16, SHIB entered range trading, oscillating between $0.000023 and $0.000030.
On-chain data lends credibility to this technical narrative. Where SHIB currently trades, 100.93 trillion SHIB were purchased by 140,030 addresses in the range between $0.000023 and $0.000030 at an average price of $0.000026.
The large size of the pool indicates that this is a key price range on the chain where a large number of addresses (or token volumes) were previously purchased and would now make a profit if they were sold today because the price is higher than their cost of ownership. acquisition.
That being said, the bulls are currently focusing on this key level, which could act as a springboard for SHIB price recovery.
Looking ahead, Shiba Inu will face its next major resistance in the range of $0.00003 to $0.000037, where 143,770 addresses purchased 29.13 trillion SHIB for an average price of $0.000033.
Maintaining the key level could prevent 30% drops
Meanwhile, SHIB’s next support level is between $0.000019 and $0.000023, where 47,640 addresses purchased 35.55 billion SHIB for an average price of $0.000021.
Therefore, Shiba Inu maintaining the aforementioned 100 trillion SHIB range could be key to avoiding drops to $0.000019, which represents a decline of almost 30% from current levels.
At the time of writing, SHIB was trading at $0.00002787, up 3.87% in the last 24 hours.
Shiba Inu continues to attract attention. According to the on-chain analysis firm feelingBitcoin and Fiat, along with meme currencies, are the main focus of traders as the weekend begins.
Aside from Bitcoin, meme coins are seeing an increasing number of narratives heading into the weekend. According to Santiment, the drops in the market capitalization of meme coins are showing polarized opinions.
