Shiba Inu The price of the coin increased greatly at the beginning of March, reaching $0.000045 on March 5, an increase of nearly 300%. However, after this peak, prices began to decline. SHIB fell to a low of $0.0000235 on March 16. Then it started fluctuating between $0.000023 and $0.000030. Blockchain data supports this technical analysis. The 100.93 trillion SHIBs currently in circulation are located at 140,030 different addresses. These addresses made SHIB purchases at an average price of $0.000026.
The size of the cluster indicates that a significant price range exists on the chain where many addresses or volumes of tokens have been purchased previously and would make a profit if sold today. Because the price is higher than the purchase cost. This has the bulls currently focusing on this key level, which SHIB price could see as a springboard for a recovery.
Looking ahead, Shiba Inu’s next major resistance looks likely to be in the $0.00003 to $0.000037 range. Meanwhile, 29.13 trillion SHIB was purchased by 143,770 addresses at an average price of $0.000033.
Maintaining Key Range Can Prevent 30% Drops
Meanwhile, SHIB’s next support level lies between $0.000019 and $0.000023. In that span, 35.55 trillion SHIB was purchased by 47,640 addresses at an average price of $0.000021. Therefore, Shiba Inu’s protection of the previously mentioned 100 trillion SHIB range suggests that it may be critical to avoid declines to $0.000019, which represents a decline of approximately 30% from current levels.
As reported by Koinfinans.com, at the time of writing this news, SHIB is trading at $0.00002787, an increase of 3.87% in the last 24 hours. Shiba Inu still continues to attract attention. According to Santiment, Bitcoin Along with traditional currencies and traditional currencies, meme coins continue to be the primary area of interest for investors starting from the weekend. In addition to Bitcoin, meme coins are also observed to gain increasing popularity over the weekend. to Santiment according tomeme coin market cap declines reflect polarized views.
