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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.