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Shiba Inu (SHIB) has staged a rebound, rising back to the $0.000014 level after dipping to a low of $0.00001299 on July 24.
Shiba Inu reached a high of $0.00001598 on July 21 after six days of rise. It subsequently met profit taking at this level, declining for four straight days to a low of $0.00001299 on July 24 before finding support.
SHIB price rebounded on Friday, with the rise reaching $0.00001422 in the early Saturday session, coinciding with a recovery in the crypto market. This rebound has sparked optimism in the SHIB community, but the meme-based coin now faces a significant challenge: breaking through a crucial resistance zone where 519.01 trillion SHIB were previously acquired.
According to on-chain data from IntoTheBlock, the next major hurdle for SHIB lies between $0.000015 and $0.000019, where 519.01 trillion SHIB were previously bought by 143,400 addresses at an average cost basis.
This supply-heavy range may serve as a profit-taking zone, slowing or reversing any bullish momentum unless buying pressure increases.
What comes next for Shiba Inu price?
Shiba Inu was recently changing hands at $0.00001407, up 3.39% in the last 24 hours. If SHIB can break through the resistance in the $0.000015 to $0.000019 range, it may launch a bullish breakout with a target of $0.00002 or higher. The next level of resistance is between $0.000019 and $0.000024, where 130,030 addresses previously purchased 172.29 trillion SHIB.
On the other hand, if SHIB fails to clear it, a rejection might result in a consolidation of $0.000013 to $0.000015. Shiba Inu is building support at $0.000014, where 2.68 trillion SHIB were previously bought by 3,930 addresses.
Downside risk remains near the recent low of $0.00001299, particularly if market sentiment turns risk-off.
Vladislav Sopov
U.Today Editorial Team