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The price action of the Shiba Inu (SHIB) coin in recent days has been far from inspiring, or even reasonable. After a series of ups and downs, the price of the popular meme cryptocurrency is back where it was at the beginning of the week - at $0.0000162 per SHIB.
Interestingly, after yesterday's surge, the price of Shiba Inu coin saw an increase of 8.35%, which is a lot for an asset with a capitalization of around $10 billion.
Tomiwabold OlajideHowever, this growth found its resistance at $0.000017 per SHIB, which speaks volumes about the weakness of buyers and the strength of sellers.
Fortunately, these indicators can be estimated on the crypto market, and since the market tends to move from one pool of liquidity to another, we have exact figures on how much the bulls need to absorb potential Shiba Inu tokens in order to overcome this resistance level and make the long-awaited breakout.
Roadblock worth trillions of SHIB
According to IntoTheBlock, there are approximately 91.35 trillion SHIBs concentrated in the price range between $0.000016 and $0.000018 per meme coin. This colossal volume of tokens can be estimated at $1.5 billion, and this volume is currently causing losses to its holders, creating a so-called sell wall.
It can be assumed that if the strength of buyers is at least equal to this volume, the price of the Shiba Inu token should have no problem breaking through the resistance level that is currently causing problems for meme coin bulls.
Arman ShirinyanPerhaps something like this is possible in the presence of favorable conditions on the overall cryptocurrency market, but here the number of influencing factors is much higher.
Yuri Molchan
Vladislav Sopov
Dan Burgin