Shiba Inu Fights Resistance at Critical Price Range

Shiba Inu (SHIB), a popular cryptocurrency, is currently facing significant resistance as it approaches a critical price range. On-chain data reveals that over 515 trillion SHIB tokens are concentrated within this range, posing a challenge to upward price movement. This resistance level is a result of many investors who acquired the token at higher prices looking to sell at a break-even point or minimal profit.

Despite recent price corrections, SHIB has shown signs of stabilization, with the potential for a price rebound. However, selling pressure from holders who are still at a loss from previous purchases continues to limit its upward trajectory. The token is currently trading near the $0.00001543 mark, where a substantial number of tokens were previously purchased. On-chain data from the In/Out of the Money indicator provides insight into this resistance, with approximately 75,000 addresses collectively holding 515 trillion SHIB within the $0.000016 to $0.000018 range.

To advance beyond its current trading range, SHIB requires a substantial increase in buying pressure. If it successfully surpasses the $0.000018 resistance level, a bullish breakout could lead to a retest of higher resistance zones around $0.000020 and beyond. However, failure to overcome this resistance may result in continued price consolidation or a potential decline toward the next support level at $0.000014. The asset's price action suggests that it is at a decisive moment, with market sentiment playing a crucial role in determining its short-term direction.