In its increasing trajectory, Shiba Inu is about to overcome the largest and most significant price barrier. This is due to the possibility that, given present pricing, a total takeover of this barrier would result in 100% profits for Shiba Inu.
As of this writing, SHIB has increased by 2.79% to $0.0000079 over the previous day. There is a little barrier quite next to where Shiba Inu trades: IntoTheBlock data shows that 4,440 addresses purchased 1.26 trillion SHIB at the $0.000008 level.
Shiba Inu bulls may be able to conquer this stage easily because it’s so little, but the true test is yet ahead.
A massive price barrier, the largest of the red clusters indicating SHIB price resistance, looms in front of Shiba Inu bulls.
A staggering 298.83 trillion SHIB was purchased by 430,600 Shiba Inu addresses within this range, which is between $0.000008 and $0.000014. The average cost of this enormous quantity of SHIB was $0.000010.
Because many of these addresses will want to sell when the market price approaches their average cost and break-even point on their investments, it is anticipated that there will be significant selling pressure in this price range. This will act as a deterrent to additional price rises at these points.
However, there is a bright side because more locations were able to purchase massive SHIB volumes at these prices.
Bulls may try to validate this price barrier as support, which would provide a significant boost for more increases in Shiba Inus.
Shib Name Service (SNS) on Shibarium became online throughout the week, giving Shiba Inu owners the ability to take ownership of their identity, which would increase usefulness.
Shiba Inu has also seen substantial token movement during the last day. A cryptocurrency data tracker called Whale Alert revealed that 4,454,530,677,374 SHIB, valued at $34,314,122, had been moved from Bitvavo to an unidentified wallet.
