Shiba Inu Nears Gigantic 298 Trillion SHIB Barrier, Will Bulls Prevail?

Shiba Inu is close to taking on the biggest and most important price barrier in its upward ascent. This is because a complete takeover of this barrier might spur 100% gains for Shiba Inu based on current prices.

At the time of writing, SHIB was up 2.79% in the last 24 hours to $0.0000079. Very close to where Shiba Inu trades is a minute barrier: 1.26 trillion SHIB were bought by 4,440 addresses at the $0.000008 level, per IntoTheBlock data.

Given that this is just a minuscule level, Shiba Inu bulls might take on this level with ease, but the real challenge lies just ahead.

Looming in front of Shiba Inu bulls is a gigantic price barrier; this represents the biggest among the red clusters, which indicates SHIB price resistance.

This range, which runs between $0.000008 and $0.000014, saw 430,600 Shiba Inu addresses purchase a massive 298.83 trillion SHIB. This massive amount of SHIB was purchased at an average price of $0.000010.

This price range is expected to see high selling pressure because many of these addresses will want to sell when the market price reaches their average cost and break-even point on their positions. This will function as a barrier to further price increases at these levels.

On the other hand, a silver lining presents itself given the fact that more addresses bought enormous SHIB quantities at these price levels.

Bulls might strive to confirm this price barrier as support, which would serve as a massive springboard for further Shiba Inu rises.

In what would boost utility, Shib Name Service (SNS) on Shibarium went live during the week, allowing Shiba Inu holders to take control of their identities.

In the last 24 hours, Shiba Inu has also experienced significant token movement. Whale Alert, a cryptocurrency data tracker, reported that 4,454,530,677,374 SHIB worth $34,314,122 had been transferred from Bitvavo to an unknown wallet.

Source