Shiba Inu (SHIB) is encountering its toughest challenge yet, with its holders timing it poorly. Recent on-chain data reveals that SHIB is facing a significant resistance wall of 533 trillion tokens at the $0.000015 mark. This level has pushed back the asset’s momentum, as sellers from whales to ordinary holders are pushing prices down.
The token attempted to break through the 200-day exponential moving average (EMA), but was swiftly halted by selling pressure. This indicates that bullish efforts may be short-lived, and SHIB is now facing a downward trajectory. On-chain volume analysis supports this view, showing that a significant group of addresses purchased SHIB tokens at or near $0.000017, setting them up for a potential sell-off as prices approach breakeven points.
Over 81% of SHIB holders are currently “out of the money,” meaning they own coins priced below their purchase price and will incur losses if prices drop further. This selling pressure can be expected to intensify whenever holders have an opportunity to cut losses with even a small rally, making it difficult for SHIB to recover unless it finds a way to break through this massive wall of sell orders.
A successful push above $0.000015 is crucial, but bears are up against a tough opponent in the form of significant whales and ordinary investors alike. The outlook for SHIB appears bleak without a marked shift in market sentiment, with potential support levels around $0.000013 or lower becoming increasingly relevant if prices fail to break through the current resistance barrier.
Source: https://u.today/533000000000000-shiba-inu-resistance-just-destroyed-shib-whales