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Dog-themed cryptocurrency Shiba Inu rebounded from a strong support near $0.000010 on Aug. 5. The recovery continued, reaching highs of $0.00001442 on Thursday before slightly retreating in Friday's trading session.
As eyes remain on where Shiba Inu price trends next, on-chain data has brought to light a crucial resistance range that $SHIB must overcome to achieve significant price recovery.
According to data from IntoTheBlock, 487.98 trillion $SHIB tokens were bought by 105,280 addresses in the range between $0.000015 to $0.000019 at an average price of $0.000017.
The significant volume of $SHIB purchased in this range suggests that many investors are either looking to break even or realize profits once the price approaches these levels.
For Shiba Inu to achieve a meaningful price recovery, bulls will need to muster enough momentum to push the price above this resistance. Failing to do so could lead to prolonged consolidation or even a further decline, as sellers may step in to capitalize on any short-lived rallies.
That said, Shiba Inu bulls must generate enough buying power to break through the $0.000019 level. This would not only invalidate this massive resistance but might also potentially drive further price gains.
What's next for Shiba Inu price?
At the time of writing, $SHIB was up 2.52% in the last 24 hours to $0.00001389, but down 6.29% weekly. If Shiba Inu continues its current rebound, it may reach the moving averages, where bears are anticipated to put up a strong fight.
If the $SHIB price falls sharply from the moving averages, it may indicate that bears continue to sell on rallies. That increases the chances of a decline toward $0.000010.
Instead, if buyers push the price above the moving averages, it indicates that selling pressure may be diminishing. In this scenario, Shiba Inu might soar to $0.000020. If this occurs, Shiba Inu may target the $0.00003 level next.