Shiba Inu Bulls Face Daunting Task on Price Saving Mission
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Shiba Inu prices soared about 300% at the start of March, reaching a peak of $0.000045 on March 5. SHIB’s price plummeted afterward as a result of profit-taking. After reaching a low of $0.0000235 on March 16, SHIB entered range trading, oscillating between $0.000023 and $0.000030.
On-chain data lends credence to this technical narrative. Where SHIB presently trades, 100.93 trillion SHIB were bought by 140,030 addresses in the range between $0.000023 and $0.000030 at an average price of $0.000026.
The large size of the cluster indicates that this is a key price range on-chain where a large number of addresses (or volumes of tokens) were previously purchased and would now profit if sold today because the price is higher than their acquisition cost.
That said, bulls are currently focusing on this key level, which could act as a springboard for SHIB price recovery.
Looking ahead, Shiba Inu will face its next big resistance in the range of $0.00003 to $0.000037, where 29.13 trillion SHIB were purchased by 143,770 addresses for an average price of $0.000033.
Sustaining key range might forestall 30% declines
Meanwhile, SHIB’s next support level is between $0.000019 and $0.000023, where 35.55 trillion SHIB was purchased by 47,640 addresses for an average price of $0.000021.
Thus, Shiba Inu sustaining the aforementioned 100 trillion SHIB range might be key to forestalling declines to $0.000019, which represents a nearly 30% decrease from current levels.
At the time of writing, SHIB was trading at $0.00002787, up 3.87% in the last 24 hours.
Shiba Inu continues to garner attention. According to on-chain analytics firm Santiment, Bitcoin and fiat, along with meme coins, are the primary focus of traders as the weekend begins.
Aside from Bitcoin, meme coins are seeing an increasing amount of narratives heading into the weekend. According to Santiment, meme coin market cap drops are showing polarized views.
