Oh, darling, it appears Shiba Inu has encountered a bit of a snag. A resistance level, you see, that might just prove to be an unbreakable wall. One shudders to think! Low momentum and frightful on-chain resistance are simply not the ticket. Apparently, some 20,000 addresses rather rashly acquired a mountain of SHIB β a trifling 18.83 trillion tokens β at the $0.000012 mark. Really, the things people do! π
This level, you understand, has now morphed into a positively dreadful resistance area. Overcoming it seems about as likely as finding a decent cup of tea in this digital age, unless, of course, we see a positively monstrous increase in buying volume or some fundamental catalyst. One can only dream! π
Presently, SHIB is hovering about with short-term moving averages, like a tipsy socialite at a garden party. The price is ever so slightly above the $0.000012 level, but the volume data is, shall we say, a bit…weak. This move, therefore, is as brittle as a meringue. Should there be no strong bullish sentiment to support a follow-through, any resistance β particularly at these levels where vast quantities were acquired β could lead to profit-taking or stop-loss cascades. The horror! This would, naturally, push the token lower. π
More than 68% of addresses on the chain are currently, shall we say, “losing money.” This raises the distinct possibility of selling pressure if the price dares to approach these holders’ cost basis. There is a risk zone, a sort of imperceptible barrier for additional gains, thanks to the high concentration of out-of-the-money addresses at and above $0.000012. Despite this unfortunate weakness, SHIB is still going through a period of consolidation. How very…calm. π§ββοΈ
The formation of such a concentrated whale-level accumulation point at $0.000012 suggests that if the market turns risk-on, a breakout above this price may lead to a temporary supply squeeze, which would push SHIB higher. Nevertheless, this 18 trillion SHIB level might continue to restrain price action in the absence of rekindled investor interest and more robust inflows. Traders wishing to go long should, therefore, exercise a degree of caution that is almost unheard of these days. Good luck with that! π
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2025-04-18 14:53