Shiba Inu (SHIB), the canine-themed cryptocurrency, is making strides towards recovering some of its previous losses, reaching its highest levels of the day at $0.000009 during today’s trading session.
However, the efforts of the bullish traders to surpass the crucial $0.00001 level remain subdued. As of writing this report, SHIB has retraced some of its intraday gains, rising by 0.61% in the last 24 hours to $0.000008985.
Despite the noticeable price fluctuations in SHIB, bullish traders are unwavering in their efforts to eliminate the zero from SHIB’s price. To achieve this noble goal, they must overcome two key obstacles, based on the In/Out of the Money Around Price (IOMAP) indicator.
For context, the In/Out of the Money Around Price (IOMAP) indicator is an amplified tool covering the most relevant clusters within 15% of the current price in both directions. By doing so, it identifies key buying and selling zones expected to act as support or resistance.
Based on on-chain data, the In/Out of the Money Around Price (IOMAP) indicator suggests that the price of Shiba Inu will encounter two resistance zones before reaching $0.00001.
The first is the current resistance SHIB faces at $0.000009, where 16.69 trillion SHIB has been bought through 42,660 addresses. This might create resistance as many of these addresses may look to close their positions to break even.
Following that, another similar resistance level lies at $0.000009, where 16.3 trillion SHIB has been purchased through 27,800 addresses.
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The second resistance zone is between the levels of $0.000009 and $0.00001, where 47.1 trillion SHIB has been bought by 31,640 addresses at an average price of $0.00001.
However, bullish SHIB traders have an opportunity to erase the zero from SHIB’s price if these hurdles are surpassed. While the overall picture remains consolidative, the first sign of strength would be a sustained breakthrough of the 50-day moving average at $0.0000098.
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