The price of the Shiba Inu continues to be at a turning point as bulls and bears compete for control of the SHIB index. The In/Out of the Money Around Price (IOMAP) indicator from IntoTheBlock provides insight into the SHIB price’s underlying dynamics and the present positions of bulls and bears.
The most significant clusters within 15% of the current price in both directions are covered by the IOMAP, which identifies important buying and selling regions that are anticipated to operate as support and resistance.
Despite this, bulls and bears continue to fiercely compete for control of the $0.000008 level. The red clusters for the $0.00008 price range, on the other hand, exceed the green clusters by a large margin, indicating that there are a lot more sellers in this price range based on addresses’ locations in the chain.
SHIB has gained 1.26% in the last 24 hours to reach $0.0000077 at the time of writing.
When you focus on the price, you can see that Shiba Inu is currently trapped between a demand and supply barrier, illustrating the struggle between bulls and bears.
The supply wall shows where 25,28 trillion SHIB were purchased by 34,820 addresses, whereas the demand wall shows where 12,47 trillion SHIB were purchased by 36,550 addresses. These cost around $0.000008 each.
The current condition is made plain by Shiba Inu’s chart. SHIB has been stuck in a range between $0.000007 and $0.0000084 since late June. This pattern began in May.
Shiba Inu’s next move might delete a zero
On the plus side, a break above $0.0000084 would signal the beginning of a new move for SHIB, one that might try to remove a zero from the SHIB price, with the $0.000010 level as the goal.
The most likely scenario is that SHIB will continue trading in ranges until bulls and bears have attained balance. Such balance has not yet been established, according to IntoTheBlock’s IOMAP, where bears exceed bulls by $0.000008. Consolidation is also seen by the daily RSI.
However, strong resistance is building up in the vicinity of the present price, halting drops that may go as low as $0.000007.
