Shiba Inu (SHIB) is at a pivotal point, with its price rebounding by 5%, signaling a critical moment for the cryptocurrency. At the time of writing, SHIB had risen 2.83% in the previous 24 hours to $0.0000176, per CoinMarketCap.
The immediate goal for SHIB bulls is to reclaim the $0.000017 to $0.000018 range, which encompasses a massive 419.58 trillion SHIB. According to IntoTheBlock's Global In/Out of Money, 419.58 trillion SHIB were bought by 21,010 addresses in the range of $0.000017 to $0.000018.
This range is expected to have high selling pressure since many of these addresses will look to sell once the market price reaches their average cost and breaks 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, a zoomed-in version of the Global In/Out of Money, provides further clarification on where the real resistance truly lies.
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Based on this indicator, the $0.000018 level is the crucial resistance mark, where 416.47 trillion SHIB were bought by 10,330 addresses.
Given the enormous volume of SHIB acquired at this level, overcoming it will have positive implications. A successful takeover of this above-highlighted range would not only strengthen SHIB's current momentum but also pave the way for future increases.
What's next for Shiba Inu's price?
Beyond the $0.000017 to $0.000018 range, 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 the SHIB price to proceed to this critical barrier.
Achieving the above-mentioned levels would be a remarkable feat for SHIB, potentially setting the stage for a sustained upward trend.
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The coming days and weeks will be pivotal as SHIB bulls aim to reclaim these key levels. A successful breakthrough could signal a new phase of growth and stability for SHIB's price, while failure to do so might necessitate further consolidation.
The market will be closely watching SHIB's performance as it navigates these significant price levels. The outcome of this effort will determine whether Shiba Inu can continue its upward trajectory and overcome its biggest yearly challenge yet.