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The price of Shiba Inu (SHIB) held steady after the recent market correction, reflecting a broader decline in cryptocurrencies. Meme coin hovers around $0.000016, struggling to rise amid selling pressure. Bitcoin (BTC) also dropped, trading at $97,000. Additionally, the massive supply of $600 trillion SHIB seems to limit price growth, preventing its value from quadrupling: How does this prevent price from rising
The Global In/Out of the Money (GIOM) indicator provides an overview of Shiba Inu holders based on their profitability at different price levels. The chart categorizes addresses as In the Money if the average purchase price of Shiba Inu is lower than the current price, and Out of the Money if it was purchased at a higher price.
Currently, the price of SHIB is trading at $0.00001645, leaving a large number of coin holders out of profit. The most important resistance area is the range of $0.000018-$0.000019, where 40.68 thousand addresses hold 423.54 trillion SHIB. This accumulation acts as a supply barrier, with many investors waiting for SHIB to return to their entry point to break even, potentially leading to selling operations that hinder the upward momentum.
If Shiba Inu's price successfully breaks the $0.000019 level, the next major resistance is formed between $0.000019 and $0.000024, with 155.67 thousand addresses holding 68.23 trillion Shiba Inu. This indicates that even if the first resistance is overcome, another significant selling area awaits at higher levels.
Technical Indicators for SHIB
The price of Shiba Inu may rise if the cup and handle pattern is confirmed. The pattern forms when a rounded bottom cup appears, followed by a smaller decline handle, indicating consolidation before a potential rise.
The neckline, or resistance level at the top of the cup, is essential in verifying the pattern.
If this pattern succeeds, Shiba Inu's price could rise by about 267%. This forecast suggests a potential increase of 3.5 to 4 times the current levels.
A confirmed breakout above the neckline may lead to the start of an extended rally, with traders setting targets based on historical resistance levels. If market conditions align with technical signals, Shiba Inu token may experience a significant price increase.