Shiba Inu's Wild Ride Continues: Can It Hold Its Ground?

Shiba Inu's price surged 300% in early March, reaching $0.000045 on March 5th. Profit-taking led to a subsequent decline, and SHIB entered range trading between $0.000023 and $0.000030. On-chain data reveals that 100.93 trillion SHIB was purchased in this range by 140,030 addresses, indicating potential support for a price recovery. Bulls are targeting a resistance zone between $0.00003 and $0.000037, while support lies between $0.000019 and $0.000023. Sustaining the key range of 100 trillion SHIB could prevent a 30% decline.

Shiba Inu's Roller Coaster Ride: Can It Sustain Key Range?

Shiba Inu's wild ride continues. After a meteoric rise of 300% in early March, the token plunged on profit-taking. Now, it's stuck in a range between $0.000023 and $0.000030.

On-Chain Data Paints a Picture

On-chain data suggests this range is crucial. Over 140,000 addresses bought 100.93 trillion SHIB within this range at an average price of $0.000026. These holders would profit if they sold today.

Bulls Eye Key Level for Recovery

Bulls are betting on this key level to ignite a price recovery. They face resistance at $0.00003 to $0.000037, where 29.13 trillion SHIB were purchased at an average of $0.000033.

Support Level Guards Against Steep Decline

SHIB has support at $0.000019 to $0.000023, where 47,640 addresses bought 35.55 trillion SHIB at an average of $0.000021. Holding this range could prevent a 30% drop to $0.000019.

SHIB's Moment in the Spotlight

At press time, SHIB trades at $0.00002787, up 3.87% in 24 hours. The token remains in the limelight, with traders focused on Bitcoin, fiat, and meme coins.

Meme Coins: A Tale of Two Views

Santiment reports that meme coins are generating buzz. However, their market cap declines reveal divergent opinions among traders. Some believe in the potential of meme coins, while others see them as a speculative bubble.