Since recovering from lows of $0.000007 on June 28, Shiba Inu has been climbing steadily. Shiba Inu has seen four straight days of positive trade since this date. After today’s good close, it would have been five days.
Shiba Inu’s pricing has recently been constrained as it gets ready for a huge change due to what appears to be an insurmountable obstacle.
Since March of this year, SHIB has been trading below its daily MA 50, according to technical analysis. Mid-April saw a brief spike in the price of SHIB above this resistance level, but bulls were unable to maintain the momentum, and SHIB quickly fell down below it.
Late in June, the bulls attempted another recent attempt to overcome this obstacle, but they were forced to turn back after running against a wall close to $0.0000084.
Bulls are once again active given the continuous price increase, but they are thwarted by the hurdle at the daily MA 50, which is now at $0.00000794. At the time of writing, SHIB has increased 1.12% in value to $0.0000076 over the previous day.
On-chain data presents this picture
The bubbles show the amount of SHIB acquired at various levels, with a larger bubble indicating where more SHIB was bought, according to IntoTheBlock’s Global In/Out of the Money.
It is noteworthy that previous demand has been discernible below the present price of $0.000007. This may be a sign that, even in the case of a drop, prices may still receive the required purchasing support.
A red bubble next to the pricing level indicates the area where 31,320 addresses purchased 14.95 trillion SHIB. This tiny red bubble is located before the chart’s largest bubble, which is where the most SHIB was purchased. This relates to the pricing range between $0.000008 and $0.0000014, where 407,890 addresses purchased 288.31 trillion SHIB.
Indicating that long-term investors are not selling at current levels, this points to stronger purchasing in this sector. If the SHIB price continues to rise, this level can generate further buying pressure rather than acting as resistance on an upward trend.
