A strong rebound of 2.83% in the past day saw Shiba Inu (SHIB) go up to $0.0000176. This is a critical moment for SHIB as it attempts to overcome significant resistance.
The main goal for SHIB bulls is to recover the $0.000017 to $0.000018 region, which includes a massive 419.58 trillion SHIB that was bought by 21,010 addresses according to IntoTheBlock’s Global In/Out of Money analysis. The huge volume printed on these levels signalizes increased selling pressure because many addresses may start selling once the market price hits their average cost thus forming resistance.
SHIB Faces Fesistance at $0.000018
The indicator of in/out of the money around price (IOMAP) offers a more detailed perspective on where the actual resistance lies. In line with this indicator, it can be noted that there is a critical resistance level at $0.000018 with 10,330 wallets acquiring 416.47 trillion SHIBs.
Beneath the range of $0.000017- $0.000018, there are also significant barriers between $0.000019 and $0.000025.Though what’s immediately important is the range from $0.000018–$0.000019 and beyond which will enable SHIB’s prices move towards the higher ceiling.
Shiba Inu made a massive leap in March 2024 ,but fell gradually over the next few months. SHIB is currently trading above the $0.000017 level . The MACD has been moving downward and it is now below the signal line suggesting that there is bearish momentum. The RSI now stands at around 30.64 getting close to oversold area but it does not yet get deep into that area enough for clear confirmation of that idea.
