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Shiba Inu has climbed over the previous four days, from a low of $0.00001275 on July 15 to an intraday high of $0.00001579. After months of consolidation and bearish pressure, SHIB broke through the descending resistance line and is presently printing green candles above $0.000015.
Shiba Inu recently traded at $0.0000151, up 3.36% in the past 24 hours. Likewise, according to CoinMarketCap, volume has increased by 30.31% in the last 24 hours, reaching $693.49 million. Shiba Inu has soared 32% this month, the largest rally since February.
The meme-based coin is approaching the $9 billion market cap, now at $8.86 billion, as there are increased hopes for artificial intelligence-focused initiatives inside the Shiba Inu ecosystem.
The rally has brought the SHIB price to a crucial range, with 129,240 addresses holding 502.7 trillion SHIB between $0.000015 and $0.000019, at an average cost of $0.000017. The enormous SHIB in this range may act as a launchpad if Shiba Inu extends its current bullish momentum, with eyes on what comes next.
What happens next?
The zone between $0.000015 and $0.000019, where 502.7 trillion SHIB are held, represents a battleground between bulls and bears.
If Shiba Inu finds strong buying pressure and successfully reclaims the $0.000015 to $0.000019 zone, this might serve as a springboard for future gains.
In this scenario, Shiba Inu would see a 60% increase if the price reaches $0.000024, the upper end of the following nearby range.
According to IntoTheBlock data, 176.26 trillion SHIB are held by 132,110 addresses in the range of $0.000019 and $0.000024 at an average cost basis of $0.000022.
On the other hand, fresh support is emerging in the $0.000014 to $0.000015 zone, where 14.45 trillion SHIB are held by 31,890 addresses in the event of a price decline.
Vladislav Sopov
U.Today Editorial Team