The cryptocurrency market has observed notable fluctuations in the prices of various tokens, including Shiba Inu. Recent data points to a significant 240 trillion SHIB resistance. Market participants are now keenly watching to see if Shiba Inu can navigate this resistance level.
An insightful tool shedding light on the matter is the Global In/Out of the Money (GIOM) indicator. To understand its significance, the GIOM distinguishes between addresses that have made a profit from those running at a loss. Specifically, for any address possessing a balance of tokens, the GIOM identifies the average price at which those tokens were acquired and contrasts this with the current price.
The data reveals that 76.86% (equivalent to 991.98K addresses) of all Shiba Inu holders are currently "Out of the Money." In contrast, a mere 19.88% (equating to 256.55K addresses) are "In the Money."
Switching gears to the price analysis of Shiba Inu, the provided chart showcases some noteworthy trends. First, a consistent resistance level can be observed, indicative of the strong selling pressure around the region. Yet, on the brighter side, the SHIB token has been attempting to mount a recovery, with its price breaking free from a prolonged consolidation phase. The volume, too, appears to be surging, hinting at potential bullish momentum.
However, it is vital to emphasize that the 240 trillion SHIB resistance does not signify sell orders. In essence, these can be viewed as latent resistance areas, which might crumble quite swiftly if a significant number of whales decide to liquidate their positions. Such an exodus would practically drain these formidable resistance levels, paving the way for a bullish rally.