Shiba Inu (SHIB) has been trading in a wide range between $0.000009 and $0.000014 since reaching a high of $0.00001590 on February 4th. While there have been some bearish movements pushing the price below the $0.00009, it is currently situated at $0.000086, down 1.3% in the last 24 hours. The current situation could be attributed to a significant number of new traders having entered the market since the crypto rebound of early 2023.

Data from IntoTheBlock shows that between the $0.000009 and $0.000014 is where a great majority of holders of the token SHIB are. A total of 285.97 trillion SHIB have been bought by 368,180 addresses, making this the biggest cluster of both red and green, indicating large amounts of buying pressure. Moreover, holders of SHIB seem to be unwilling to sell at these prices, thus further reassuring the fact that the price zone will soon weaken its resistance as it becomes more stable.

The most important support on the downside, with a historical demand, is found at the level of $0.000008. There, a total of 29,280 addresses have bought 14.15 trillion SHIB making this the largest green cluster. Technical analysis of the Shiba Inu token brings to light the fact that, with its daily Relative Strength Index (RSI) currently oversold, a relief rally could be expected in the near future.

In other news, SHIB holders can now take advantage of the crypto box feature of Binance.US to transfer tokens within their own circle of family and friends as a gift. Overall, Shiba Inu is showing some strong signs of recovery in the coming days, with an immense amount of buying pressure at the previously setup levels of resistance and a technical outlook of bulls making a comeback.



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