The name Shiba Inu (SHIB) comes from the word for dog. After going up a lot lately, it became well-known in the bitcoin market. This is in line with how the market is going in general. SHIB has gone up in value by 5% in the last 24 hours and is now worth $0.00001682. It’s gone up by 10% in the last week.
The rise comes after SHIB bounced back from its recent low of $0.00001266, which was recorded on July 5. It has been strong lately, with six of the last eight days ending in positive territory. But even with these improvements, there are still a lot of problems for SHIB fans to solve, mainly with on-chain data insights.
SHIB Faces Critical Resistance Hurdle
According to the analytics company IntoTheBlock, the enormous 424.11 trillion SHIB that is held at prices between $0.000017 and $0.000019 is a significant reason for the SHIB price rise. A crucial amount of resistance is present in this buildup, which 30,730 addresses are holding at an average price of $0.000018. This level of concentration makes it seem like a lot of SHIB buyers might want to sell their holdings, which could stop the price from going up any further.
The fact that there is a lot of SHIB in this price range shows that the coin is at a turning point. Analysts say that breaking through this resistance could depend on SHIB bulls being able to get enough people to buy, which would reduce the pressure to sell and push the token past the current hurdles.
During this very important time, traders and buyers should pay close attention to SHIB. People who own tokens in the resistance area should not sell them. This would help buyers. Now SHIB might have a chance to make progress. But if this support doesn’t break, prices might stay the same or even go down soon.
