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Shiba Inu: Two Key Moves Might Delete Zero From SHIB Price

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Fri, 2/02/2024 - 17:15
Shiba Inu: Two Key Moves Might Delete Zero From SHIB Price
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Shiba Inu (SHIB), a dog-themed cryptocurrency, appears to be on course to recoup some of its previous losses, with prices reaching intraday highs of $0.000009 during today's trading session.

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However, bulls' efforts have still fallen short of the crucial $0.00001 mark. At the time of writing, SHIB had pared some of its intraday gains, rising 0.61% in the previous 24 hours to $0.000008985.

Despite the seeming back and forth in SHIB prices, SHIB bulls remain steadfast in their efforts to remove a zero from the SHIB price. To attain this lofty target, SHIB bulls must overcome two key hurdles, based on an indicator from IntoTheBlock, the In/Out of the Money Around Price (IOMAP).

To provide context, the In/Out of the Money Around Price (IOMAP) is a zoomed-in indicator that covers the most relevant clusters within 15% of the current price in both directions. By doing so, it identifies key buying and selling areas that are expected to serve as support or resistance.

IntoTheBlock
Global In/Out of the Money, Courtesy: IntoTheBlock Data

Based on on-chain data, the In/Out of the Money Around Price (IOMAP) indicator indicates that the Shiba Inu price will encounter two areas of resistance before reaching $0.00001.

The first one is the resistance SHIB is currently facing around the $0.000009 mark, where 16.69 trillion SHIB have been bought by 42,660 addresses. This might create resistance from many of these addresses looking to close their positions to break even.

Following that, another similar resistance level remains at the $0.000009 level, where 16.3 trillion SHIB were purchased by 27,800 addresses.

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The second area of resistance lies between the $0.000009 and $0.000010 levels, where 47.1 trillion SHIB were bought by 31,640 addresses at an average price of $0.00001.

That said, SHIB bulls stand a chance of erasing a zero from the SHIB price if these hurdles are crossed. Although the overall picture remains one of consolidation, the first sign of strength would be the sustained break of the daily MA 50 level at $0.0000098. 

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