07-03-2023, 11:17 PM
#1

Shiba Inu has been on a steady rise since rebounding from lows of $0.000007 on June 28. Since this date, Shiba Inu has seen four consecutive days of trading in green. Today's positive close would mark its fifth day.

As Shiba Inu prepares for a significant move, a seemingly impassable barrier has hampered its price in recent months.

According to technical analysis, SHIB has been trading below its daily MA 50 since March of this year. The SHIB price briefly rose above this barrier in mid-April, but bulls could not sustain the tempo, and SHIB returned to trading beneath it.

The bulls made another recent attempt to break through this barrier in late June but were forced to retreat after hitting a wall near $0.0000084.

Given the current steady price climb, bulls are back in action, but the barrier at the daily MA 50, which is currently at $0.00000794, stands in their way. SHIB was up 1.12% in the last 24 hours to $0.0000076 at the time of writing.

On-chain data presents this picture

According to IntoTheBlock's Global In/Out of the Money, the bubbles represent the amount of SHIB purchased at various levels, with a larger bubble signifying where more SHIB was purchased.

IntoTheBlock

It is worth noting that there has been noticeable historical demand below the current price level of $0.000007. This could be a hint that prices might still get the necessary buying support in the event of a decline.

Next to the current price level is a red bubble, which marks a region where 14.95 trillion SHIB was bought by 31,320 addresses. This small red bubble precedes the biggest bubble on the chart, where the most SHIB was bought. This refers to the price level between $0.000008 and $0.0000014, where 288.31 trillion SHIB were bought by 407,890 addresses.

This suggests stronger buying in this area, pointing to long-term holders not selling at these levels. Rather than forming resistance on a move up, this level might create additional buying pressure if the SHIB price continues to the upside.

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