Advertisement
AD

Main navigation

100 Trillion SHIB Spilled on Bulls: Will Shiba Inu Rally Continue?

Advertisement
Mon, 14/08/2023 - 10:58
100 Trillion SHIB Spilled on Bulls: Will Shiba Inu Rally Continue?
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to the latest insights from the IntoTheBlock Indicator, a staggering 100 trillion SHIB are circulating around the present price range. Such a colossal volume, transacting at this narrow price bracket, suggests the possibility of a significant resistance level forming for Shiba Inu.

Advertisement

The intricacies of the IntoTheBlock Indicator can offer a glimpse into the mindset of coin holders. Here's a simplified version: For every address that has a token balance, the indicator computes the average price at which these tokens were acquired. By comparing this average cost to the current price, it then determines if the address is "In the Money" (Current Price > Average Cost) or "Out of the Money" (Current Price < Average Cost).

Article image
Source: IntoTheBlock

This insight is immensely valuable. When a significant number of addresses are "In the Money," it signifies that many holders have purchased at a lower price than the current level. As a result, they might be motivated to sell and take profits, forming a resistance. Conversely, when many addresses are "Out of the Money," it denotes potential buy zones or support levels as holders may be reluctant to sell at a loss.

In the case of Shiba Inu, the vast volume of 100 trillion SHIB trading around the current price implies that a considerable chunk of holders are either contemplating taking profits or holding out, expecting the price to surge further.

Advertisement

Related

Furthermore, with price projections for Shiba Inu hinting at the $0.000001160 resistance level, the meme coin could face turbulence. Resistance levels, often established where a lot of sell orders are placed, act as ceilings, capping the potential upward movement of an asset's price. For Shiba Inu, reaching and breaking past this $0.000001160 mark will be pivotal in determining its medium-term trajectory.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD