The dog-themed cryptocurrency Shiba Inu (SHIB) appears to be on the cusp of a price reversal after falling since December 2023.
SHIB is currently trading up 3.74% at around $0.00000921, up from its recent low of $0.0000088 on Feb. 6. The price recovery of SHIB puts it on the verge of breaching a 224 trillion SHIB barrier, which could trigger a new wave of buying pressure and momentum.
According to IntoTheBlock data, 224.03 trillion SHIB were bought by 309,040 addresses near the level where the Shiba Inu price trades presently. This range is between $0.000009 and $0.000013, and this enormous quantity of SHIB was bought at an average price of $0.000011.
The enormous quantity of SHIB bought at these levels by over 300,000 SHIB might act as a resistance level to a continued price increase at the above-mentioned prices.
Thus, if SHIB can break above this resistance presented at this range with strong volume and momentum, it may unleash a new wave of buying pressure, pushing the price to the next resistance level at $0.000016. This is where bulls may yet meet intense resistance, with 422.01 trillion SHIB bought by 89,640 addresses at an average price of $0.000016. This range falls between $0.000013 and $0.000019.
On the other hand, if bulls fail to advance the SHIB price with the 224 trillion SHIB level standing in the way, the next support level for SHIB sits at $0.000009, where 28.97 trillion SHIB were bought by 67,210 addresses.
Shiba Inu lead Shytoshi Kusama has sparked further curiosity with a mysterious tweet. The tweet, which is not directed to anyone, reads, "Confirming with the guys. Nice to meet you!"
While Kusama has not provided any hints as to how his tweet should be interpreted, various possibilities exist. At the start of 2024, Shiba Inu unveiled its direction for the year, revealing its collaboration with D3, an official identity provider. Shibarium also onboarded K9 Finance as a partner