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Shiba Inu Is About to Break 1.3 Trillion SHIB Resistance

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Sun, 11/02/2024 - 12:10
Shiba Inu Is About to Break 1.3 Trillion SHIB Resistance
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As the cryptocurrency market finally finds some footing for a momentum amplification, Shiba Inu stands out as it is on the verge of breaking through a crucial resistance level that has long been a battleground for buyers and sellers.

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SHIB is currently on the cusp of exiting the profitability cluster, which lies between the $0.000009 and $0.00001 price range. This zone is significant as it holds over 1.3 trillion SHIB, a substantial amount that represents potential selling pressure.

IOM indicator
Source: IntoTheBlock

The profitability cluster is a critical concept in crypto asset analysis. It represents a price range where a large volume of the tokens were previously purchased. As the price approaches this range, investors who bought at these levels may look to sell, either to break even or to realize profits, which can lead to increased selling pressure. For SHIB, moving past this point is not just a technical milestone, but also a psychological one, as it may alleviate the overhead pressure from sellers looking to exit their positions.

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The trajectory of SHIB has been closely monitored, with the decreasing number of tokens in the profitability cluster providing an important insight. It suggests that the selling pressure is gradually abating, making it easier for Shiba Inu to forge ahead. If the trend continues, the path forward for SHIB looks increasingly optimistic, allowing the asset to potentially rally without the looming threat of a significant sell-off.

A solid breakout above the $0.00001 level could validate the bullish sentiment surrounding the asset, potentially triggering a new wave of interest and investment.

This level is not only a technical resistance but also a psychological resistance. Overcoming it could confirm a change in the market's perception of SHIB, marking the beginning of a new chapter for the meme coin.

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