The cryptocurrency market, including Shiba Inu, has experienced significant price fluctuations. A substantial resistance level of 240 trillion SHIB has emerged, drawing the attention of market participants who are eager to see if Shiba Inu can surpass this barrier.
One valuable tool to gain insights into this situation is the Global In/Out of the Money (GIOM) indicator. This indicator helps distinguish between addresses that have profited and those that have incurred losses. It specifically analyzes the average purchase price of tokens in various addresses and compares it to the current price to assess profitability.
Source: IntoTheBlock
Data analysis reveals that the majority of Shiba Inu holders, approximately 76.86% or 991.98K addresses, currently find themselves “Out of the Money.” In contrast, only 19.88% or 256.55K addresses are “In the Money.”
Turning our focus to Shiba Inu’s price analysis, the provided chart highlights some interesting trends. Firstly, there is a consistent resistance level, indicating significant selling pressure in that region. On a more positive note, the SHIB token has been making efforts to recover, breaking free from a prolonged period of consolidation. Additionally, trading volume is on the rise, suggesting potential bullish momentum.
Source: TradingView
It’s important to note that the 240 trillion SHIB resistance doesn’t necessarily imply sell orders. Instead, these levels can be seen as potential areas of resistance that could be overcome if a substantial number of large investors decide to sell their holdings. Such a move could effectively weaken these strong resistance levels, opening the door for a bullish rally.
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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