Shiba Inu faces massive 285 trillion SHIB resistance as price reaches critical juncture ShibArmy SHIBCommunity $SHIB
suggests that 285.97 trillion SHIB were bought by 368,180 addresses between the $0.000009 and $0.000014 range. This is the biggest bubble in the red and green clusters, suggesting more SHIB was bought there.
The fact that the SHIB price has traded within this range for the majority of 2023 may be the cause, with new traders entering the market as a result of the crypto rebound seen earlier in 2023.Will bulls save the day? Considering the volume of SHIB holders who bought at the $0.000009 to $0.000014 levels, this range may imply additional buying pressure if the price moves up rather than acting as resistance.
The level of $0.000008, which has witnessed a lot of historical demand, continues to be the most important support for SHIB on the downside. No surprise, as 29,280 addresses purchased 14.15 trillion SHIB there, it continues to be the largest bubble in the green clusters.Technically speaking, Shiba Inu might see a bullish comeback as its daily RSI has reached oversold levels. An RSI reading of 30 or below might suggest an oversold or undervalued condition.
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