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Shiba Inu: Bulls and Bears' Standoff, Here's What's Happening

Wed, 07/19/2023 - 13:25
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Tomiwabold Olajide
Here's what's going on behind scenes of Shiba Inu (SHIB) price
Shiba Inu: Bulls and Bears' Standoff, Here's What's Happening
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Shiba Inu remains at a decisive point as bulls and bears tussle to gain control of the SHIB price. IntoTheBlock's In/Out of the Money Around Price (IOMAP) offers an idea as to what is happening behind the scenes for the SHIB price and where bulls and bears currently stand.

The IOMAP spots key buying and selling areas that are expected to act as support and resistance, covering the most relevant clusters within 15% of the current price in both directions.

In/Out of the Money Around Price, Courtesy: IntoTheBlock

That said, the $0.000008 level remains a keenly contested area between bulls and bears. However, the red clusters for the $0.00008 far outnumber the green clusters, showing that it is a price range with a high concentration of sellers based on addresses' positions on-chain.

At the time of writing, SHIB was up 1.26% in the last 24 hours to $0.0000077.

Zooming in on the price, Shiba Inu is sandwiched presently between a demand and supply wall, highlighting the ongoing tussle between bulls and bears.

The demand wall highlighted above represents where 12.47 trillion SHIB were bought by 36,550 addresses, while the supply wall marks where 25.28 trillion SHIB were bought by 34,820 addresses. These are in the $0.000008 price range.

Shiba Inu's chart makes the current situation clear. Since late June, SHIB has been trapped in a range between $0.000007 and $0.0000084. This trend started in May.

Shiba Inu's next move might delete a zero

On the upside, a break above $0.0000084 could kickstart a new move for SHIB, which might aim to delete a zero from the SHIB price, targeting the $0.000010 level.

Shiba Inu (SHIB) Billionaire Owners Quietly Growing Holdings, This Might Be Reason

The most likely scenario is that SHIB would persist in range trading until equilibrium is reached between bulls and bears. A look at IntoTheBlock's IOMAP suggests that such equilibrium is yet to be reached, with bears outnumbering bulls at $0.000008. The daily RSI also portrays consolidation.

On the other hand, substantial support is accumulating close to the current price, preventing falls that could go as low as $0.000007.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.