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The cryptocurrency market has observed notable fluctuations in the prices of various tokens, including Shiba Inu. Recent data points to a significant 240 trillion $SHIB resistance. Market participants are now keenly watching to see if Shiba Inu can navigate this resistance level.
An insightful tool shedding light on the matter is the Global In/Out of the Money (GIOM) indicator. To understand its significance, the GIOM distinguishes between addresses that have made a profit from those running at a loss. Specifically, for any address possessing a balance of tokens, the GIOM identifies the average price at which those tokens were acquired and contrasts this with the current price.
The data reveals that 76.86% (equivalent to 991.98K addresses) of all Shiba Inu holders are currently "Out of the Money." In contrast, a mere 19.88% (equating to 256.55K addresses) are "In the Money."
Switching gears to the price analysis of Shiba Inu, the provided chart showcases some noteworthy trends. First, a consistent resistance level can be observed, indicative of the strong selling pressure around the region. Yet, on the brighter side, the $SHIB token has been attempting to mount a recovery, with its price breaking free from a prolonged consolidation phase. The volume, too, appears to be surging, hinting at potential bullish momentum.
However, it is vital to emphasize that the 240 trillion $SHIB resistance does not signify sell orders. In essence, these can be viewed as latent resistance areas, which might crumble quite swiftly if a significant number of whales decide to liquidate their positions. Such an exodus would practically drain these formidable resistance levels, paving the way for a bullish rally.