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There is a substantial resistance cluster for Shiba Inu at the $0.000013 price level, where investors hold 551 trillion SHIB at a loss. This extreme concentration of supply raises the possibility that many addresses are trying to break even or turn a profit at this point, which could lead to a price reversal.
On-chain data indicates that 551 trillion SHIB are stored in 166,400 addresses between $0.000014 and $0.000019. Therefore, if SHIB tries to move higher, a significant amount of selling pressure will probably arise. Before attempting another breakout, SHIB may see a correction if buyers are unable to withstand the selling pressure.
The In/Out of the Money metric shows that these addresses paid more for SHIB than it is now worth. Many of these holders may try to sell their tokens in order to recoup their investment if the price hits $0.000014, which would strengthen the resistance barrier even more.
With lower highs putting pressure on a critical support zone, SHIB has been forming a descending triangle pattern on the price chart. SHIB still needs to break above the $0.000013 level in order to gain bullish traction, even though recent price action indicates a slight recovery.
Yuri MolchanThe token has had difficulty gaining momentum. SHIB may move toward $0.000016 or higher if it breaks out above this resistance zone, which could lead to a stronger rally. However, the most likely scenario could be a retracement back to support levels around $0.000012 or lower if SHIB is unable to break through.
Alex DovbnyaSHIB's response at this level should be closely watched by investors due to the sizable resistance cluster at $0.000013. When volume rises in tandem with a price push, it may be a sign of robust buying pressure that can overcome resistance. Otherwise, the consolidation phase of SHIB might be prolonged by another pullback.
A stronger bullish move could be facilitated by breaking through this significant resistance, even though long-term sentiment is still mixed. Everybody is currently watching to see if SHIB has enough traction to get past the 551 trillion token barrier.
Vladislav Sopov
Dan Burgin