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Could The Bulls Be A Dependable Option After Shiba Inu’s Trapping In 285 Trillion SHIB Resistance? Details

After Shiba Inu attained a maximum high of $0.00001590 in February, the coin market performance has not necessarily hit a remarkable feat, especially its market price, which saw SHIB tokens stuck between $0.000009 and $0.000014.

According to Shiba Inu’s data on CoinGecko, Shiba Inu currently sells for $0.0000089 and is up by 2.5% in the last 24 hours. The Dip presently experienced in the crypto space may play a significant role in Shiba’s selling price.

Valuable Insights Obtained from IntoTheBlock

IntoTheBlock is a platform that gives practical market insights that will be helpful when deciding to invest in cryptocurrencies. According to data obtained from IntoTheBlock, 368,180 different crypto wallet addresses paid for an estimated 285.97 trillion SHIB tokens sold between a $0.000009 and $0.000014 price range. The above data from IntoTheBlock may hint at the significant bubble in the red and green clusters, indicating that more SHIB was purchased there.

Also, Shiba Inu’s price range for most periods in 2023 has attracted more prospective crypto investors to the platform. Going further, IntoTheBlock suggested that a powerful buying presence in certain areas means that SHIB holders are not selling at these levels.

Analyzing A Possible Bull Turn Around 

Based on findings from different sources, most SHIB holders purchased the token at the $0.000009 to $0.000014 price benchmark, increasing the buying pressure and a simultaneous price increase rather than acting as resistance.

In reality, an expectant Bullish run from Shiba Inu seems likely judging from the SHIB token’s daily Relative Strength Index (RSI) that appears to reach the oversold levels. An RSI reading of 30 or below may imply an overpriced or a least-valued condition. With the confirmation of the overpriced situation, SHIB may experience a pump with more buyers opting for SHIB coins.

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Chinedu Agbakwusi
Chinedu Agbakwusi
Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.
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