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Shiba Inu has encountered a significant obstacle, and its holders could not have timed it worse. According to recent on-chain data, SHIB is currently up against an incredible resistance wall of 533 trillion tokens. SHIB's momentum is already suffering greatly as a result of the selling pressure from both whales and ordinary holders at this crucial level, which is around the $0.000015 mark.
SHIB made a bold attempt to break through the 200 EMA, a crucial indicator that traders use to identify significant trend changes based on the most recent price action. However, as sellers flooded the market, the rally was abruptly put on hold. Indicating that bullish efforts might be short-term exhausted, the asset fell back from its peak. It is similar to what the on-chain volume analysis shows.
The Global In/Out of the Money metric indicates that a sizable group of addresses purchased SHIB tokens at or close to the $0.000017 level. The token is under tremendous downward pressure as a result of many holders hurrying to sell and leave their positions as prices approach those breakeven points. SHIB's capacity to continue its recovery may be seriously hampered by this enormous resistance.
Tomiwabold OlajideCurrently over 81% of SHIB holders are out of the money — that is holding at a depreciation. In this case, selling pressure usually increases as soon as they have a chance to reduce their losses due to even a small rally. The asset is likely to continue to be under a lot of pressure unless SHIB can find a way to break through this massive wall of sell orders, which would call for an unexpected surge in purchasing power.
SHIB might return to earlier support levels around $0.000013 or even lower if it is unable to make a clear break above $0.000015. Both whales and ordinary investors are currently up against a difficult opponent. The outlook for SHIB appears bleak unless there is a significant shift in the market.
Vladislav Sopov
Dan Burgin