Hey, crypto fam! ๐ง Have you been keeping an eye on *Shiba Inu (SHIB)*? The *price* has been consolidating lately after the broader crypto market faced a *recent correction*. At the moment, SHIB is hovering around *0.000016*, and itโs been struggling to break higher due to strong *selling pressure*. ๐ฌ
โ
*What's Holding SHIB Back? ๐*
Right now, *Bitcoin (BTC)* is also on a decline, trading at *97k*, and itโs impacting the entire market, including SHIB. But there's something more specific thatโs limiting SHIBโs growth: its *huge supply* of *600 trillion tokens*! ๐ง
---
*600 Trillion SHIB: The Supply Problem ๐ฅ*
The *Global In/Out of the Money (GIOM) Indicator* is showing us a crucial insight into SHIB's price action. It reveals that a lot of SHIB holders are now *โout of the moneyโ*, meaning they bought at higher prices and are sitting at a loss. The most important *resistance zone* for SHIB is between *0.000018 and0.000019*, where over *40.68K addresses* hold a whopping *423.54 trillion SHIB*. ๐ฑ
This big supply cluster creates a *barrier* to price movement because these holders are likely waiting for SHIB to *reach their entry point* to break even, which could lead to *sell-offs* that prevent the price from moving higher. ๐ซ
---
*Resistance and the Road Ahead ๐ค๏ธ*
If SHIB can break above *0.000019*, the next major resistance will be between *0.000019 and 0.000024*, where another *155.67K addresses* hold *68.23 trillion SHIB*. So, even if SHIB pushes past the first resistance level, thereโs still another significant *sell zone* waiting. ๐๏ธ
โ
*What Does This Mean for SHIB Holders? ๐ค*
- *Watch the Resistance Levels*: The next few days or weeks will be key. If SHIB breaks past *0.000019*, it could trigger more buying pressure, but the supply wall at higher levels could still limit its progress.
- *Understand the Impact of Supply*: With *600 trillion SHIB* in circulation, it will be tough for SHIB to see massive price increases unless the supply decreases or demand rises significantly.
---
*Conclusion ๐ก*
While Shiba Inu has been consolidating at *$0.000016*, the large supply and sell zones ahead are *holding back* any significant upside potential. ๐ซ Until SHIB can break through these resistance levels, it will likely continue its sideways movement. Stay cautious and monitor those resistance zones for any changes! ๐
#ShibaInu #SHIB #MarketCorrection #ShibaPrice #cryptotrading