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Shiba Inu Caught up in 285 Trillion SHIB Resistance, Will Bulls Save the Day?

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Fri, 12/05/2023 - 11:35
Shiba Inu Caught up in 285 Trillion SHIB Resistance, Will Bulls Save the Day?
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Shiba Inu (SHIB) has been stuck in a wide range between $0.000009 and $0.000014 after reaching highs of $0.00001590 on Feb. 4. Bears have occasionally threatened to push Shiba Inu's price down below the $0.00009 mark, as is the case right now.

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At the time of writing, SHIB was below the $0.00009 mark, down 1.3% in the last 24 hours to $0.000086.

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Shiba Inu, Courtesy: IntoTheBlock

Data from IntoTheBlock suggests that 285.97 trillion SHIB were bought by 368,180 addresses between the $0.000009 and $0.000014 range. This is the biggest bubble in the red and green clusters, suggesting more SHIB was bought there.

The fact that the SHIB price has traded within this range for the majority of 2023 may be the cause, with new traders entering the market as a result of the crypto rebound seen earlier in 2023.

Stronger buying in this area may also indicate that holders of SHIB are not selling at these levels.

Will bulls save the day?

Considering the volume of SHIB holders who bought at the $0.000009 to $0.000014 levels, this range may imply additional buying pressure if the price moves up rather than acting as resistance.

The level of $0.000008, which has witnessed a lot of historical demand, continues to be the most important support for SHIB on the downside. No surprise, as 29,280 addresses purchased 14.15 trillion SHIB there, it continues to be the largest bubble in the green clusters.

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Technically speaking, Shiba Inu might see a bullish comeback as its daily RSI has reached oversold levels. An RSI reading of 30 or below might suggest an oversold or undervalued condition. Once oversold conditions are confirmed, SHIB might see a relief rally as buyers emerge.

In related news, Shiba Inu holders can now gift SHIB to their family and friends on Binance.US with the crypto box feature.

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