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One of the biggest resistance levels in Shiba Inu's recent trading history is currently in the market. It may be difficult for the asset to break through because more than 515 trillion SHIB tokens are positioned at a critical price level. Following a dramatic correction in recent weeks, SHIB has stabilized and is exhibiting indications of a possible recovery. Nonetheless, holders who are still losing money from earlier price levels are applying tremendous selling pressure to counteract its upward momentum.
The price at which SHIB is currently trading around $0.000016 corresponds to a sizable concentration of tokens that were previously bought at higher prices. Addresses are categorized by their purchase price in relation to the current market price using the In/Out of the Money indicator, which is used to analyze SHIB's on-chain data.
In the Money (profitable) addresses are those whose current price is higher than the typical purchase price. On the other hand, they are Out of the Money (losing money) if the price is lower than their entry point. Approximately 75,000 addresses contain 515 trillion SHIB tokens in the $0.000016-$0.000018 range, according to the most recent data. This suggests that there is a lot of resistance at these levels since many investors want to sell their holdings at break-even or with little profit.
Tomiwabold OlajideShiba Inu needs a large increase in buying pressure in order to push past its current price range. SHIB may produce a bullish breakout and possibly retest higher resistance levels at $0.000020 and above if it is able to break through the $0.000018 level. On the down side, if this resistance is not overcome, there may be consolidation or even another pullback toward the support level at $0.000014.
Arman ShirinyanShiba Inu's current price action points to a pivotal point in the asset's history. There is more room for growth if the 515 trillion SHIB token resistance level can be overcome.
Dan Burgin
Vladislav Sopov