Shiba Inu is now up against a resistance of 300 trillion SHIB tokens, which are mostly held by addresses that bought them between $0.000008 and $0.000014, according to ITB’s “In/Out of the Money” indicator.
The “In/Out of the Money” indicator calculates the typical price at which the tokens in an address were bought and contrasts it with the current price. The address is considered to be “In the Money” if the current price is higher than the average cost.
The address is considered to be “Out of the Money” if the current price is less than the average cost. Numerous locations in this instance fall into the “Out of the Money” category, which suggests possible selling pressure at the stated price levels.
With the SHIB price still circling at $0.000007, it is even more obvious how difficult it will be to overcome this strong barrier. In this price range, the total volume of SHIB presents a sizable barrier, raising concerns about the strength required from purchasers to go over this level.
These observations come at a time when SHIB has been exhibiting symptoms of weakness and is fighting to keep going under intense selling pressure. Shiba Inu has been going lower as we have previously noted, and it appears that it is headed in the direction of a local bottom. When SHIB failed to maintain its 21 EMA support level, signalling the possibility of a negative shift in its price action, this move was precipitated.
Investors in Shiba Inu may need to prepare for future volatility given this recent discovery from ITB. Price reductions may continue if this strong resistance level is not overcome. However, it is crucial to keep in mind that the market is constantly unpredictable and prone to abrupt changes, especially in the realm of cryptocurrencies.
