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Shiba Inu (SHIB) Growth Might Accelerate After This 5.5 Trillion Resistance Is Broken

Sun, 09/10/2023 - 09:31
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Arman Shirinyan
Shiba Inu on verge of hitting new price level as liquidity getting thin
Shiba Inu (SHIB) Growth Might Accelerate After This 5.5 Trillion Resistance Is Broken
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Shiba Inu (SHIB) is currently hovering around a price cluster that's got everyone talking. Why? Because this cluster holds a staggering 5.5 trillion SHIB tokens. Investors have been gobbling up SHIB at this price level like there's no tomorrow, creating a unique "In the Money" and "Out of the Money" scenario.

For those not in the know, "In the Money" (ITB) refers to addresses where the current SHIB price is higher than the average cost at which the tokens were bought. Conversely, "Out of the Money" means the current price is lower. This intriguing metric looks at price clusters within a +/- 15% range.

Source: TradingView

So, what's the big deal about this 5.5 trillion SHIB cluster? Well, it is a sign that there is minimal resistance ahead. With fewer holders around this price level, SHIB could find it easier to break through and climb higher.

The current SHIB price is around $0.00000744 USD. Given the low resistance ahead, this meme coin could very well see a price surge. But remember, the crypto market is as unpredictable as it gets, so always expect the unexpected.

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Interestingly, the activity of large transactions, often called "whale" activity, had shot up by an eye-popping 500%, according to data from IntoTheBlock. Usually, when whales start making waves during periods of low volatility, it is a sign they are accumulating more of the asset. Could this be the calm before the SHIB storm?

In summary, Shiba Inu is at a pivotal point. The 5.5 trillion SHIB cluster and the uptick in whale activity could be precursors to a significant price movement.

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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.