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Shiba Inu (SHIB) 300 Trillion Resistance Raises Some Concerns

Thu, 06/29/2023 - 13:30
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Arman Shirinyan
Shiba Inu's price performance shows questionable tendencies
Shiba Inu (SHIB) 300 Trillion Resistance Raises Some Concerns
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According to ITB's "In/Out of the Money" indicator, Shiba Inu currently confronts a resistance formed by 300 trillion SHIB tokens, predominantly held by addresses that acquired them within the price range of $0.000008 to $0.000014.

The "In/Out of the Money" indicator determines the average cost at which the tokens in an address were purchased and compares it with the current price. If the current price exceeds the average cost, the address is deemed to be "In the Money."

Source: IntoTheBlock

Conversely, if the current price is lower than the average cost, the address is said to be "Out of the Money." In this case, many addresses fall under the "Out of the Money" category, indicating potential selling pressure at the noted price levels.

With the current SHIB price hovering around $0.000007, the daunting task of breaking through this heavy resistance becomes clearer. The collective volume of SHIB within this price range poses a significant hurdle, raising questions about the strength needed from buyers to overcome this level.

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These insights come as SHIB has been showing signs of weakness, struggling to maintain its momentum in the face of robust selling pressure. As we previously reported, Shiba Inu has been trending downward and is seemingly set on a path toward a local bottom. This move was triggered when SHIB failed to hold its 21 EMA support level, hinting at a potential bearish turn in its price action.

With this new revelation from ITB, Shiba Inu investors may need to brace themselves for potential volatility ahead. A failure to break this formidable resistance level could lead to further price declines. However, as always in the world of cryptocurrencies, it is important to remember that the market is inherently unpredictable and prone to sudden shifts.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.