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Shiba Inu (SHIB) has surged 5% in the past 24 hours, reaching $0.00001682, but faces a significant resistance test.
Shiba Inu Bulls Face a Critical Test
Shiba Inu (SHIB), a cryptocurrency with a dog motif, is experiencing a price spike similar to the rest of the cryptocurrency market. As of this writing, SHIB has risen 10% weekly and 5% in the past 24 hours, reaching $0.00001682.
It is worth mentioning that since reaching lows of $0.00001266 on July 5, the price of SHIB has been rising gradually and has been in the green for six out of eight days. But there's more bad news than good: on-chain data shows the Shiba Inu still has its toughest test ahead of it.
A massive 424.11 trillion SHIB, somewhere between $0.000017 and $0.000019, appears to be looming as a major obstacle to the Shiba Inu price increase.
Massive SHIB Holdings Could Stall Price Increase
Data from IntoTheBlock shows that 30,730 addresses purchased 424.11 trillion SHIB at an average price of $0.000018, with prices ranging from $0.000017 to $0.000019. This is close to where the SHIB price is trading right now. There is a substantial barrier level that could prevent additional gains in this range.
There may be selling pressure that dampens the upward rise because to the large number of SHIB held in this price range, which suggests that many SHIB investors may be seeking to sell tokens just to break even. Shiba Inu bulls need to draw in buyers like these to relieve selling pressure and drive the price of SHIB past this key range if they want to break resistance.
U.Today elaborates that, however, in order to continue SHIB's upward trend, the bulls may face a real challenge in the days ahead as they attempt to conquer this substantial obstacle. A price breakout might be triggered if SHIB holders within this resistance region opt to hold instead of sell, as it would diminish selling pressure.
Potential Breakout or Retreat for SHIB Price
If Shiba Inu bulls manage to break through the resistance at this range, traders should keep an eye out for them. Further increases may be possible if SHIB is able to break through the 424.11 trillion SHIB wall. But if the resistance holds, we may see a price retreat, or SHIB may remain in its present trading range for a while longer.
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