Peter Smith
Shiba Inu (SHIB) just broke above $0.000015 but now faces massive selling pressure. Around 200 trillion SHIB tokens worth $3.09 billion are finally in the green, and that's got traders worried.
Shiba Inu has been on a decent run lately, pushing past some tough resistance levels and even touching $0.000015 for a hot minute. But here's the thing - on-chain data is telling a different story about what might happen next.
Right now, more than 200 trillion SHIB tokens are sitting pretty in profit. We're talking about roughly $3.09 billion worth of tokens, which makes up about 20.78% of everything that's out there. This is actually a big deal for the meme coin because it means a ton of holders who've been underwater for ages are finally seeing green.
SHIB Price Gets Rejected at Key Level
From a technical standpoint, SHIB managed to break above its 200-day moving average, which usually means good things are coming. But then it got smacked right back down below that level, and that's not exactly bullish.
The rejection from the 200 EMA is pretty telling. It shows that buyers couldn't keep the momentum going, and now SHIB is sitting at a crossroads. The $0.00001450 level is what everyone's watching right now - if it breaks below that, we could see a much bigger drop.
What's interesting is that despite this recent pump, about 75% of SHIB holders (that's around 2 trillion tokens) are still underwater. These folks are probably just waiting for better prices to finally get out, which creates this ceiling of potential sellers.
SHIB Price Faces Tough Resistance Zone
All those profitable tokens are creating a psychological wall between $0.000015 and $0.000016. This is where people start thinking "finally, I can break even" or "time to take some profits." Unless we see some serious volume come in, it's going to be tough for SHIB to push through this zone.
The 200 trillion tokens in profit are kind of a double-edged sword. Sure, it shows people are getting confident again, but it also means there's a lot of potential selling pressure just waiting to happen if the price starts to wobble.
What's Next for SHIB Price?
For SHIB to keep this rally going, it needs to hold above $0.00001360 and actually stay above that 200-day moving average. If it can do that, we might see some real momentum building again.
Until then, SHIB is basically stuck between potentially breaking out higher or getting hit with a wave of profit-taking. The next few days are going to be crucial in figuring out which way this thing goes. Traders should keep an eye on volume and whether SHIB can reclaim those key technical levels.
Peter Smith
