The price of Shiba Inu (SHIB) has shown recovery, rising to $0.000014 after recent dips to the low of $0.00001299. This trend has sparked optimism within the community, despite upcoming challenges.
SHIB Market: Recent Price Fluctuations
Shiba Inu reached a high of $0.00001598 on July 21 after six days of growth, but soon encountered profit-taking, which caused a drop in price for four consecutive days to $0.00001299 on July 24, before finding support.
Technical Analysis and Resistance Levels
According to on-chain data from IntoTheBlock, the next significant resistance for SHIB lies between $0.000015 and $0.000019, where 519.01 trillion SHIB were previously purchased by 143,400 addresses. This supply-heavy range might serve as a profit-taking zone, slowing or reversing any bullish momentum unless buying pressure increases.
Future Prospects for Shiba Inu
Currently, Shiba Inu is trading at $0.00001407, up 3.39% in the last 24 hours. If SHIB can break through the resistance in the $0.000015 to $0.000019 range, it may lead to a bullish breakout targeting $0.00002 or higher. Conversely, failure to clear it might result in consolidation between $0.000013 and $0.000015.
Shiba Inu illustrates instances of volatility, but the current recovery provides hope for positive changes. The token's future will depend on its ability to overcome key resistance levels.
