With the cryptocurrency market gaining momentum, Shiba Inu is on the brink of overcoming a significant resistance level that has been fiercely contested by both buyers and sellers.
SHIB is nearing the edge of a key price range, between $0.000009 and $0.00001, where it becomes less profitable. Within this zone sits over 1.3 trillion SHIB, a sizable amount that could lead to increased selling activity.
Understanding the Profitability Cluster in Crypto Analysis
Source: IntoTheBlock
Understanding the profitability cluster is important in crypto analysis. It’s a range where lots of tokens were bought before. As the price gets close to this range, people who bought there might sell to make money or break even. This can lead to more selling pressure. For SHIB, going past this range isn’t just about numbers, it’s also about how people feel. It could help ease pressure from sellers who want to sell.
People are watching SHIB closely. Less tokens in the profitability cluster means less pressure to sell. If this keeps happening, SHIB’s future looks better. It could go up without lots of people selling all at once.
If SHIB’s price breaks above $0.00001, it could show that people are feeling good about SHIB. This could make more people interested in it and want to invest. Breaking this level isn’t just about numbers, it’s also about how people see SHIB. It could be the start of something new for the meme coin.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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