50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Shiba Inu (SHIB) Price May Have Reached Its Limit, Here's Why

Published 2023-07-27, 10:50 a/m
© Reuters.  Shiba Inu (SHIB) Price May Have Reached Its Limit, Here's Why
USD/CAD
-
SHIB/USD
-

U.Today - The Shiba Inu token, one of the most-talked-about cryptocurrencies, faces a significant hurdle as its price might have reached a possible local ceiling. Crypto analytics portal has released on-chain data indicating that the current stage of the token's price, which stands at an astounding 8.54 trillion , has hit breakeven.

However, lurking just below, at a price between $0,000008 and $0.000009 per token, an enormous volume of 48 trillion SHIB tokens is concentrated.

Source: The situation for the appears to be increasingly precarious. On the one hand, investors holding this substantial volume may find it difficult to endure further losses and might be inclined to sell while the price is still close to their purchase levels. On the other hand, if the price of SHIB manages to climb, it could create a temptation for these token holders to cash out of loss-making positions at least at breakeven, leading to potential selling pressure.

The risks associated with this massive volume of SHIB tokens coming into play are objectively higher at the moment, and this could potentially slow down or even prevent any significant price surges for the cryptocurrency.

SHIB to USD by The struggle for dominance can be observed on the price chart, which has depicted a tight trading range for the past nine days, with a mere 1% spread. This indicates a fierce battle between buyers and sellers as the token's future trajectory hangs in the balance.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.