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19 Trillion Shiba Inu Forms Most Important Resistance to Watch

source-logo  u.today 23 May 2024 15:06, UTC

Shiba Inu (SHIB) has seen a major reversal in its uptrend as the bid to retest the $0.00003 mark has hit a major bump. With the growth momentum stumped, the key resistance level and price volume have been hinted at by crypto analytics service provider IntoTheBlock (ITB).

19 trillion SHIB resistance spotted

Per the data shared, Shiba Inu’s break-even average price is pegged at $0.000025, with a total SHIB volume of 72.96 trillion concentrated at this point. A total of 5.13% of Shiba Inu addresses are at this level, amounting to 68,620 addresses.

The move up from here is confronted with a major resistance level at the price range of $0.00003 to $0.000036, with an average price of $0.000033. Within this range, a total of 140.13K addresses stacked up a total of 19.44 trillion SHIB. In the journey toward its all-time high (ATH), this resistance point is arguably the most important to watch.

Should the 140,000 addresses that accumulated at this point make an attempt to sell when they "Enter the Money," a corresponding slip-off might continually be recorded. Overall, the Shiba Inu ecosystem is characterized by more addresses in gains.

As gleaned from ITB, 827,480 addresses are "In the Money," accounting for over 61.82% of the total in the ecosystem.

The Shib Inu "difference"

Among the most capitalized altcoins, Shiba Inu comes off as one of the most ambitious. As a meme coin project from the outset, the token has made several important pivots. With a market capitalization of $15.09 billion, SHIB is the 12th largest asset with a price of $0.00002557.

The retracement in SHIB might be a temporary slip considering the broader crypto ecosystem is riding the bullish spot Ethereum ETF approval hype. While the actual green light has not been given, the expectation that the SEC will give this approval is driving the market upward, with SHIB taking the advantage.