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Shiba Inu (SHIB) Drops Zero in Its Price, Here's What It Needs to Tackle to Go Higher

Thu, 05/04/2023 - 11:15
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Tomiwabold Olajide
Shiba Inu loses zero in its price as bulls confront 643 trillion SHIB resistance range
Shiba Inu (SHIB) Drops Zero in Its Price, Here's What It Needs to Tackle to Go Higher
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Shiba Inu's price decreased by one zero after it once again reached the psychological $0.00001 mark. SHIB is hanging in the balance at this point as bulls make a valiant effort to prevent bears from regaining this area, which could lead to more falls.

At the time of writing, SHIB was marginally up in the last 24 hours at $0.000010.

According to IntoTheBlock data, Shiba Inu is involved in a broad resistance range between $0.000010 and $0.000025, where over 387,000 addresses bought close to 643 trillion SHIB.

To focus on a smaller area, the biggest obstacle is between $0.00001 and $0.000014, which prevents SHIB from rising any higher.

Shiba Inu (SHIB) Adds Zero to Price as Token Drops Below Key Support

A total of 231,000 addresses purchased 257 trillion SHIB in this region, which could lead to selling pressure if these addresses decide to take profits if the price reaches this level.

This might make it slightly harder for SHIB to break through without enormous buying pressure. Over 10.3 trillion SHIB were purchased in the $0.000009 range, which serves as significant support in the event of further declines.

According to Shib Burn Twitter, in the past 24 hours, there have been a total of 2,993,024 SHIB tokens burned in two transactions.

Shiba Inu: most loved in US and India

According to CoinGecko's survey, Shiba Inu, which accounted for 46.7% of interest among the top meme currencies in 2023, is by far the meme currency that people are most interested in.

Shiba Inu (SHIB) Ranks as Most Popular Meme Coin in US: Data

The most well-liked meme currency in the United States is Shiba Inu (SHIB), which has attracted 60.7% of the nation's interest in meme coins so far this year. Shiba Inu is also a popular option in India.

It is still to be seen whether SHIB's popularity will spark new demand, which could have a beneficial effect on its pricing.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.