After more than 6 trillion SHIB were accumulated, SHIB recently overcame a strong resistance level. This price level, at $0.000011, indicated a major threshold where a sizable portion of SHIB holders had previously acquired their tokens, based on IntoTheBlock’s worldwide in/out of the money indication.
A positive indication was provided by SHIB’s ability to break above this barrier, which showed that there was significant buying pressure pushing against the selling pressure at this point. Large accumulations like this have historically acted as barriers since investors typically try to sell their holdings to break even or profit when the price returns to their acquisition level. But SHIB’s momentum was so strong that it overcame the selling pressure, indicating a solid level of market confidence.
This discovery was critical since on-chain data indicated that SHIB was probably going to face strong selling pressure at this price.
The win, though, was fleeting, as SHIB’s price has now dropped below $0.000011. This retreat suggests that there is more work to be done by bulls and bears, and SHIB may need to bolster its resolve before making another effort to decisively break above this barrier. It will take persistent buying pressure and upbeat market mood for SHIB to set a new support level above this price point.
For SHIB, the upcoming actions are crucial. The cryptocurrency may be able to make more gains if it can keep up its pace and pass beyond this resistance level permanently. For the time being, SHIB can manage one more push to finally overcome the obstacle. A second breakthrough that is successful might validate the bullish trend and push the meme coin to all-time highs.
