The values of several tokens, including Shiba Inu, have fluctuated significantly on the cryptocurrency market. There is a notable 240 trillion SHIB resistance, according to recent statistics. Now, all eyes are on Shiba Inu to see if it can overcome this resistance level.
The Global In/Out of the Money (GIOM) indicator is a useful tool that clarifies the situation. The GIOM distinguishes between addresses operating at a profit and those operating at a loss, which is important to grasp.
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To be more precise, the GIOM determines the average price at which tokens were purchased for each address that has a balance of tokens and compares it to the current price.
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According to the statistics, 991.98K addresses, or 76.86% of all Shiba Inu holders, are now “Out of the Money.” On the other hand, just 19.88%, or 256.55K addresses, are “In the Money.”
Turning now to the price analysis of Shiba Inus, the given chart highlights a few significant patterns. First, a steady resistance level that reflects the intense selling pressure in the area is discernible.
Positively speaking, though, the price of the SHIB token has been trying to rise again after a protracted period of stabilisation. Additionally, it seems like the volume is rising, suggesting that there may be positive momentum.
It is imperative to stress, nonetheless, that the 240 trillion SHIB resistance does not indicate a sell signal. These are essentially regions of latent resistance that might collapse very quickly in the event that a sizable number of whales choose to abandon their spots.
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A mass withdrawal of this magnitude would effectively deplete these strong barriers, opening the door for a bullish surge. #Inu #Shiba
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