Shiba Inu faces potential selling pressure around the $0.0000008 mark, as investors could sell a staggering 305 trillion SHIB once the token surpasses this price.
Shiba Inu has been trading below $0.000008 in the past seven days. According to CoinGecko data, SHIB is changing hands at $0.00000759, down 2.1% over the past day.
Following SHIB’s recent low price, many investors have been pondering what could be the next move for the asset. Many are hoping that SHIB puts smiles on their faces by rallying to $0.000008 and beyond.
SHIB Facing Resistance at $0.000008
However, the road ahead presents a significant resistance that SHIB must overcome to register a tremendous rally. This resistance lies around the $0.000008 mark.
According to data from IntoTheBlocK’s In/Out of the Money indicator, Shiba Inu could witness potential selling pressure when it surpasses $0.000008.
For context, the In/Out of the Money indicator shows the number of SHIB addresses currently in profit or loss at the current price.
It compares the average cost of a token held to its current price. Consequently, if the average price of the token is below the current price, addresses within this category are considered to be out of the money, and vice versa.
Notably, many addresses, holding a staggering 305 trillion SHIB, could move from being out of the money to “in the money” once the asset’s price crosses $0.000008.
The $0.000008 price poses a major resistance for SHIB, as many investors might be tempted to sell, locking in gains. If SHIB successfully breaks the resistance, it could increase the token’s price.
SHIB Trading Volume Surges 13% Amid Low Market Activities
Meanwhile, SHIB trading volume is surprisingly up 13% over the past 24 hours despite the dull state of the market. According to CoinMarketCap data, SHIB’s trading volume is up 13.3% to around $106 million.
The spike in SHIB’s trading volume could be linked to the positive news surrounding Shibarium, the cryptocurrency’s L2 blockchain.
It is worth noting that Shibarium has been in the news for the right reasons in the past few days. The L2 blockchain recently surpassed 1 million interacting wallets and over 1.2 million transactions in eight days after its relaunch.
Per Shibariumscan data, the total addresses that have interacted with Shibarium stand at 1,118,948 (1.11 million). Interestingly, these addresses have completed 1,290,463 (1.29 million) transactions so far.