Shiba Inu (SHIB) is at a crucial point, with its price bouncing 5%, indicating a critical moment for the cryptocurrency. At the time of writing, SHIB was up 2.83% in the previous 24 hours to $0.0000176, according to CoinMarketCap.
Shiba Inu (SHIB) is at a crucial point, with its price bouncing 5%, indicating a critical moment for the cryptocurrency. At the time of writing, SHIB was up 2.83% in the previous 24 hours to $0.0000176, according to CoinMarketCap.
The SHIB bulls’ immediate goal is to recapture the $0.000017 to $0.000018 range, which encompasses a massive $419.58 trillion SHIB. According In the blockIn the global movement of money in and out, 419.58 billion SHIB were purchased by 21,010 addresses in the range of $0.000017 to $0.000018.
This range is expected to have high selling pressure as many of these addresses will look to sell once the market price reaches its average cost and they break even on their positions. This will serve as a resistance level against further price increases at those levels.
The In/Out of the Money Around Price (IOMAP) indicator, an expanded version of the Global In/Out of Money indicator, provides greater clarity on where real resistance actually lies.
Tomiwabold OlajideAccording to this indicator, the $0.000018 level is the crucial resistance mark, where 10,330 addresses bought 416.47 billion SHIB.
Given the huge volume of SHIB purchased at this level, surpassing it will have positive implications. A successful acquisition of this range highlighted above would not only strengthen SHIB’s current momentum but also pave the way for future increases.
What’s next for Shiba Inu price?
Beyond the range of $0.000017 to $0.000018, the next significant barrier lies between $0.000019 and $0.000025, according to IntoTheBlock data. However, the key level between $0.000018 and $0.000019 would be necessary for SHIB price to advance towards this critical barrier.
Reaching the levels mentioned above would be a notable feat for SHIB, and could set the stage for a sustained uptrend.
Tomiwabold OlajideThe coming days and weeks will be crucial as SHIB bulls attempt to reclaim these key levels. A successful breakthrough could signal a new phase of growth and stability for SHIB price, while a failure to do so may require further consolidation.
The market will closely monitor SHIB’s performance as it navigates these important price levels. The outcome of this effort will determine whether Shiba Inu can continue its upward trajectory and overcome its biggest annual challenge yet.
