Investors Previously Purchased 465T Shiba Inu at $0.000017 Making it Stiff Resistance Point

Shiba Inu (SHIB) Expected to Take Off Once Stiff Resistance at $0.000017 is Crossed.

IntoTheBlock data reveals an absence of any crucial resistance beyond the $0.000017 level.

Shiba Inu (SHIB) is expected to rally without any major opposition once it conquers the stiff resistance at the $0.000017 price point. Veteran analyst Ali Martinez made this assertion in a recent analysis, highlighting the potency of the resistance at the $0.000017 territory.

Citing data from on-chain analytics resource IntoTheBlock, Ali pointed out that SHIB is likely to face fierce opposition as it approaches $0.000017 which would test the asset’s strength. This is due to a concentration of buyers at the price level, as 93,000 addresses are seen to have purchased 465 trillion SHIB at an average price of $0.000017.

#ShibaInu will find stiff resistance at $0.000017, where nearly 93,000 addresses had previously purchased around 465 trillion $SHIB.

Once #SHIB clears this supply barrier, it will be positioned to climb higher as @intotheblock's GIOM shows no other major resistance ahead. pic.twitter.com/heUXX50ifP

— Ali (@ali_charts) February 4, 2023

Notwithstanding, if Shiba Inu is able to prevail against the bears at the $0.000017 price territory, the ensuing rally is likely to sail without any subsequent major resistance. It bears mentioning that the last time SHIB traded above $0.000017 was last May, before the Terra blowout. However, Ali recently disclosed that SHIB has the potential of rallying to $0.000017 before long following the confirmation of a bull pennant pattern previously highlighted.

If the much-coveted price territory is finally reclaimed, SHIB’s journey would be seamless. Though the asset could find some resistance between $0.000026 and $0.000039, the opposition at this price range is seemingly minor. In fact, data from IntoTheBlock’s GIOM reveals that Shiba Inu will not face any more major resistance up until the level at $0.000131.

SHIB Has Gained 22% in the Past Week

Meanwhile, down 2.57% at the time of reporting, SHIB has been subjected to the swings of the broader market conditions. The asset is currently changing hands at $0.00001456 after facing a pushback from the bears at the $0.000015 level. Despite this, SHIB is still trading at a 6-month high, retaining a 22% gain in the past week – the highest for any asset on the top 40 list of biggest tokens.

Shiba Inu’s unique position has been ascribed to promising developments dominant within the community and an uptick in bullish sentiments amid the hype surrounding Shibarium. Recently, SHIB flipped WETH to become the most traded token among the top 1,000 ETH whales. Additionally, with the exclusion of Ethereum, SHIB is the most-held token by the top 100 ETH whales. This indicates a massive increase in investors’ interest.