Dog-themed cryptocurrency Shiba Inu has surged nearly 11% in the last seven days. Shiba Inu has been steadily rebounding since a low of $0.00001106 on June 27, with two consecutive days of increases.
At the time of writing, SHIB was up 1.96% in the last 24 hours to $0.00001159, as the crypto market moved higher in the early Sunday session.
Following Shiba Inu’s recent increase, a key barrier has appeared where 79 trillion SHIB were previously bought.
According to IntoTheBlock data, in the $0.000012 and $0.000014 range, 79.67 trillion SHIB were previously bought by 103,860 addresses at an average cost basis of $0.000013.
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The enormous token concentration in this range represents a zone where a substantial number of SHIB tokens are being held by holders. Such clusters can act as technical barriers, where supply outweighs demand, potentially slowing down upward momentum unless buying pressure intensifies.
What comes next?
For SHIB to break above this barrier, it will require sustained volume and buying activity. A successful breach could open the door for SHIB to retest higher resistance zones not seen in months.
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In this scenario, the next resistance looms in the range between $0.000014 and $0.000016, albeit a gigantic one, where 520.61 trillion SHIB were previously bought by 168,710 addresses at an average cost basis of $0.000013.
On the other hand, if Shiba Inu fails to hold its current range where 12.58 trillion SHIB were previously bought by 56,740 addresses, support is envisaged in the range of $0.000008 to $0.000011. Here, 42.3 trillion SHIB tokens were bought by 199,700 addresses at an average cost basis of $0.00001, a key support that has held the SHIB price up during the recent market declines.