Shiba Inu (SHIB) price has been consolidating after a recent market correction, mirroring the broader cryptocurrency downturn. The Meme coin has hovered around $0.000016, struggling to break higher amid selling pressure. Bitcoin (BTC) also declined, trading at $97k. Additionally, a massive 600 trillion SHIB supply appears to be limiting price growth, preventing a potential quadrupling in value.

600T SHIB: How It’s Blocking Price from Moving Higher

The Global In/Out of the Money (GIOM) Indicator provides an overview of Shiba Inu holders based on their profitability at different price levels. The chart categorizes addresses as In the Money if their average SHIB purchase price is below the current price, At the Money if it aligns with the current price, and Out of the Money if purchased at a higher price.

Currently, the SHIB price is trading at $0.00001645, placing a significant number of holders out of the money. The most critical resistance zone is the $0.000018- $0.000019 range, where 40.68K addresses hold 423.54 trillion SHIB. This cluster acts as a supply barrier, and many investors are waiting for SHIB to return to their entry point to break even, leading to potential sell-offs that hinder upward momentum.

If Shiba Inu price prediction successfully breaks above the $0.000019 level, the next major resistance forms between $0.000019 and $0.000024, where 155.67K addresses hold 68.23 trillion SHIB. This suggests that even if the first resistance is overcome, another large sell zone awaits at higher levels. 

SHIB Technical Indicators

The Shiba Inu price could increase if it confirms the cup-and-handle. The pattern forms when a rounded bottom (the cup) appears, followed by a smaller dip (the handle), indicating consolidation before a potential surge. 

The neckline, or resistance level at the cup’s peak, is key in validating the pattern. 

If the pattern plays out successfully, the Shiba Inu price could climb by approximately 267%. This projection suggests a possible 3.5X to 4X increase from current levels. 

A confirmed breakout above the neckline could initiate an extended rally, with traders setting targets based on historical resistance points. If market conditions align with technical signals, Shiba Inu could experience a substantial price appreciation.

The Global In/Out of the Money indicator highlights key resistance zones, showing where SHIB faces heavy sell pressure. If the cup-and-handle pattern is confirmed, a breakout could drive a 267% surge.

The post 600,000,000,000,000 SHIB Blocks Shiba Inu Price From Quadrupling appeared first on CoinGape.

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Filed under: News - @ February 15, 2025 7:15 pm