515 Trillion SHIB Faces Titanic Resistance. Here’s the Significance

Shiba Inu is facing one of its most significant resistance levels in recent trading activity, as on-chain data reveals that over 515 trillion SHIB tokens are concentrated at a critical price range. This level presents a challenge for upward price movement, as many investors who acquired the token at higher prices may be looking to sell at a break-even point or minimal profit.

Despite experiencing a notable correction in recent weeks, SHIB has shown signs of stabilization, with the potential for a price rebound. However, selling pressure from holders who are still at a loss from previous purchases continues to limit its upward trajectory.

515 Trillion SHIB at Key Resistance Levels

The token is currently trading near the $0.00001543 mark, a price level where a substantial number of tokens were previously purchased. On-chain data from the In/Out of the Money indicator, which classifies addresses based on whether their average purchase price is above or below the current market value, provides insight into this resistance.

Addresses categorized as “In the Money” are those holding SHIB at a profit, while those “Out of the Money” have acquired the token at a higher price than its current valuation. According to the latest data, approximately 75,000 addresses collectively hold 515 trillion SHIB within the $0.000016 to $0.000018 range. This indicates significant resistance, as many holders may choose to sell once SHIB approaches their initial purchase price, creating a supply barrier that could prevent further price increases.

Potential Scenarios for Token’s Price Movement

For the token to advance beyond its current trading range, a substantial increase in buying pressure is required. If it successfully surpasses the $0.000018 resistance level, a bullish breakout could lead to a retest of higher resistance zones around $0.000020 and beyond.

On the other hand, failure to overcome this resistance may result in continued price consolidation or a potential decline toward the next support level at $0.000014. This would indicate a struggle between buyers and sellers, with market sentiment playing a crucial role in determining the asset’s short-term direction.

The asset’s price action suggests that it is at a decisive moment. Overcoming the resistance posed by the 515 trillion SHIB held at the $0.000016 to $0.000018 range could open the door for further gains. However, if selling pressure continues to dominate, the token may face difficulty sustaining an upward trend.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

Follow us on Twitter, Facebook, Telegram, and Google News