Shiba Inu Dog Coin Meets Resistance After Rising 200%

Shiba Inu has posted a huge rally over the past week. Now, SHIB appears to have reached a massive supply barrier that may slow its upward trend.

Restore Shiba Inu to Retrace

The Shiba Inu price has exploded in the past few days, but the dog’s coin is facing an uphill battle.

The so-called “Dogecoin Killer” has surged nearly 200% since October 4, reaching a high of $0.000025. The sudden bullish rally surprised many market participants as SHIB stock has been stagnant for more than 100 days.

Now, data shows that Shiba Inu has caught the attention of many crypto enthusiasts. Santiment . Behavior Analytics Platform highlighted This “collective noise” is a critical factor in the recent price action. The number of mentions related to SHIB via social networks increased by 70% along with the prices.

Increasing chatter about Shiba Inu is not necessarily a good sign of short-term price action. When the SHIB price rises and the crowd pays increased attention, a sharp correction tends to follow.

Although the Shiba Inu social volume currently does not favor the bulls, the transaction history shows that the asset is sitting on stable support.

IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows that $0.0000021 represents a strong foothold for the asset. More than 10,000 titles previously bought over 630 billion SHIB at this price level.

This major demand wall indicates that a sharp fall below this level could lead to more losses. In this possibility, Shiba Inu could dive to $0.000017 or even $0.00015.

Notably, IOMAP Groups also revealed that the most significant supply barrier for Shiba Inu was $0.0000025, with nearly 500 titles buying more than 8 trillion SHIB. Owners within this price level can make efforts to break the tie in their underwater positions, thus slowing the upward trend. This means that the meme coin has to close above $0.0000025 to advance to $0.00030.