Dog Coin Shiba Inu Meets Resistance After 200% Rally
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Key Takeaways
Shiba Inu has risen by nearly 200% since Oct. 4.
The dog coin appears to have encountered stiff resistance.
Failing to move past $0.000025 could see prices retrace to $0.000021 or lower.
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Shiba Inu has posted a major rally over the last week. Now, SHIB appears to have reached a massive supply barrier that may slow down its uptrend.
Shiba Inu Primed to Retrace
Shiba Inu’s price has exploded in the last few days, but the dog coin is facing an uphill battle.
The so-called “Dogecoin killer” has surged by nearly 200% since Oct. 4, reaching a high of $0.000025. The sudden bullish impulse caught many market participants by surprise as SHIB had been stagnant for more than 100 days.
Now, data shows that Shiba Inu has caught the attention of many cryptocurrency enthusiasts. Behavior analytics platform Santiment highlighted that “crowd hype” is a crucial factor in the recent price action. The number of SHIB-related mentions across social media networks skyrocketed by 70% along with prices.
The rising chatter around Shiba Inu is not necessarily a good sign for its short-term price action. When SHIB’s price surges and the crowd pays increased attention, a steep correction tends to follow.
Although the social volume Shiba Inu currently presents does not favor the bulls, transaction history shows that the asset is sitting on stable support.
IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows that $0.000021 represents a strong foothold for the asset. More than 10,000 addresses have previously purchased over 630 billion SHIB around this price level.
Such a major demand wall suggests that a decisive drop below this level could lead to further losses. In this eventuality, Shiba Inu could dive to $0.000017 or even $0.000015.
It is worth noting that the IOMAP cohorts also reveal that the most crucial supply barrier ahead of Shiba Inu is sitting at $0.000025, where roughly 500 addresses bought more than 8 trillion SHIB. Holders within this price level could make efforts to break even on their underwater positions, thereby slowing down the uptrend. That means the meme coin must close above $0.000025 to advance to $0.000030.
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