Analytics

37 Trillion Shiba Inu Protecting Price: Here’s How

Data from IntoTheBlock suggests a resilient Shiba Inu price, with on-chain metrics revealing strong backing by holders. Active Addresses by Profitability indicate that the current price zone is underpinned by more than 35 trillion addresses.

Breaking down the on-chain details further, we see that the active addresses are grouped by their purchase price, painting a picture of a community holding on tight. This data implies that the current price level is a comfortable holding point for many, possibly acting as a floor for the price as these holders may likely resist selling unless the price sees a significant increase.

Turning to the chart for a technical snapshot, SHIB has been making moves. Support has been established at the $0.000022 level, a base that SHIB has bounced off from in the past. On the resistance side, SHIB faces one at the $0.000028 mark.

The volume has been steady, neither showing a clear sign of a surge nor a worrying drop-off. This steady volume, combined with a significant portion of holders sitting “In The Money,” can be interpreted as a potential stabilizing factor for the current price levels.

If market sentiment remains strong and the market absorbs any selling pressure, SHIB could see a push toward the $0.000028 resistance level. The critical question is whether it can break through and hold above this point, potentially paving the way for further growth.

One way or another, Shiba Inu is one of the most volatile assets on the cryptocurrency market, and most of its actions are unpredictable. Stays cautious in order to avoid a rapid sell-off that may occur at any given moment, despite the positive on-chain situation.

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