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Shiba Inu bulls face daunting task on price-saving mission

TL;DR

  • Shiba Inu’s price surged in March but fell due to profit-taking, now trading between $0.000023 and $0.000030.
  • On-chain data shows key price levels for SHIB, guiding investor decisions.
  • Market focus shifts to meme coins and Bitcoin as traders assess weekend trends.

Shiba Inu (SHIB) prices witnessed a remarkable surge of approximately 300% at the onset of March, scaling to a peak of $0.000045 by March 5. However, the euphoria was short-lived as profit-taking ensued, causing SHIB’s value to plummet. Reaching a low of $0.0000235 on March 16, SHIB entered a range trading phase, fluctuating within the confines of $0.000023 and $0.000030.

On-chain data highlights key price ranges and bullish sentiment

On-chain data analysis highlights significant price ranges where substantial SHIB transactions have occurred. Notably, within the range of $0.000023 to $0.000030, a staggering 100.93 trillion SHIB was acquired by 140,030 addresses, boasting an average purchase price of $0.000026. This cluster underscores a pivotal zone where numerous addresses stand to profit if they opt to sell, given the current price surpasses their acquisition cost.

This data supports bullish sentiments as investors keenly monitor this crucial level, envisioning it as a potential catalyst for SHIB’s price recovery. Looking ahead, the next major resistance for Shiba Inu lies within the $0.00003 to $0.000037 range, where 143,770 addresses purchased 29.13 trillion SHIB at an average price of $0.000033. Sustaining within these key ranges may avert substantial declines, potentially forestalling a 30% downturn.

Conversely, SHIB’s resilience hinges upon maintaining crucial support levels. Notably, the range between $0.000019 and $0.000023 emerges as a significant support zone, with 35.55 trillion SHIB acquired by 47,640 addresses at an average price of $0.000021. Should SHIB falter and breach these levels, it could precipitate a notable downturn, with prices potentially plummeting by nearly 30% from current valuations.

Current market position and weekend sentiment

As of the latest update, SHIB is trading at $0.00002787, marking a modest uptick of 3.87% within 24 hours. The ongoing dynamics within the cryptocurrency landscape reveal a growing focus on meme coins alongside traditional cryptocurrencies like Bitcoin as the weekend commences. On-chain analytics provided by Santiment suggest a polarization in sentiment, with meme coin market cap fluctuations indicative of divergent viewpoints among traders.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Ibrahim Abdulaziz

A fervent advocate, Ibrahim shares his wealth of knowledge on crypto and blockchain technology in an engaging and informative style. He frequents places where influencers gather for his next scoop. His vision is that the decentralized nature, security features, and potential for financial inclusion will drive widespread massive crypto adoption.

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