The much-discussed meme currency Shiba Inu (SHIB) is in a difficult situation. Who will prevail as it faces a formidable 24 trillion SHIB resistance is the pressing question of the moment.
At the price at which Shiba Inu is presently trading, a phenomenal 24 trillion SHIB have already been purchased. Due to these holders’ possible desire to sell their assets in anticipation of a future price decrease, this scenario may lead to an increase in selling pressure. The Global In/Out of the Money (GIOM) indicator from IntoTheBlock was used to analyse this resistance.
This tool calculates the typical price at which tokens were purchased and compares it to the current pricing. The address is deemed “In the Money” if the current price exceeds the average cost. On the other hand, the address is labelled “Out of the Money” if the current price is less than the typical cost.
Shiba Inu must be looked at from the standpoint of a technical chart notwithstanding this probable selling pressure. Currently, the local trendline resistance level at $0.00000775 is proving difficult for the meme coin to overcome. The asset has been pushed back after repeated efforts to break over this barrier, signalling a reversal.
Shiba Inu may be in a hazardous situation as a result of the strong selling pressure, which is being supported by the owners of the 24 trillion SHIB, and the difficulty in getting through the trendline resistance. It emphasises how difficult it will be for SHIB to keep its pricing momentum in the face of these challenging circumstances.
However, it is important to remember that cryptocurrency markets are infamously unpredictable and volatile. Shiba Inu may see a sudden uptick in purchasing pressure or a positive shift in market mood at any time.
