Shiba Inu (SHIB) Faces Massive Resistance: Can It Overcome the 533 Trillion Token Wall?

Shiba Inu (SHIB) Faces Massive Resistance: Can It Overcome the 533 Trillion Token Wall?

Shiba Inu (SHIB) is currently facing a monumental obstacle, with a resistance level of 533 trillion tokens that could determine the future of the meme coin’s price.

Shiba Inu Struggles with Major Resistance at $0.000015

Shiba Inu (SHIB) has encountered a significant roadblock, and the timing couldn’t be worse for its holders. According to recent on-chain data, the meme coin is currently up against an incredible resistance wall consisting of 533 trillion tokens. As SHIB approaches the $0.000015 price point, it faces massive selling pressure from both whales and ordinary holders, putting a serious dent in its momentum.

SHIB made an ambitious attempt to break through the 200 EMA, a crucial indicator that traders use to identify major trend shifts. However, as sellers flooded the market, the rally came to an abrupt halt, and the asset fell back from its peak, signaling a potential short-term exhaustion of bullish efforts. On-chain volume analysis corroborates this, showing that the momentum has been seriously challenged.

The Global In/Out of the Money Metric Shows Major Selling Pressure

One of the key indicators of SHIB’s struggles is the Global In/Out of the Money metric. This metric reveals that a substantial number of addresses purchased SHIB tokens near the $0.000017 level, creating a strong resistance point. As SHIB nears these breakeven levels, many holders are rushing to sell off their positions, further intensifying the downward pressure.

Currently, over 81% of SHIB holders are underwater, meaning they are holding positions that have depreciated in value. This often leads to increased selling pressure, especially when even a slight rally gives them the opportunity to cut their losses. Unless SHIB can break through this massive sell wall, its ability to sustain any recovery is highly questionable.

Can SHIB Break Through and Regain Momentum?

The road ahead looks challenging for SHIB, with downward pressure increasing as the resistance remains intact. If SHIB is unable to break above the $0.000015 resistance, it may revisit earlier support levels near $0.000013 or even lower. Whales and retail investors alike are facing a tough opponent in the form of this massive resistance, and unless there’s a sudden shift in market dynamics, the outlook for SHIB could remain bleak.

For SHIB to regain its bullish momentum, it will need an unexpected surge in purchasing power to break through this resistance. Without that, the meme coin might struggle to hold on to its recent gains.