- SHIB price is at a crucial point as bulls and bears battle for control.
- The $0.000008 level is fiercely contested, with more sellers than buyers.
- Shiba Inu is currently caught between a demand wall and a supply wall, reflecting the ongoing struggle between bulls and bears.
The SHIB price is currently experiencing a significant battle between bulls and bears, resulting in a decisive point for Shiba Inu. IntoTheBlock’s In/Out of the Money Around Price (IOMAP) provides insights into the ongoing dynamics between these two groups and sheds light on key buying and selling areas acting as support and resistance levels within a 15% range of the current price.
The $0.000008 level appears to be a strongly contested area between bulls and bears. However, the presence of numerous red clusters compared to green clusters indicates a higher concentration of sellers at this price range based on on-chain address positions.
Shiba Inu hovers around the $0.000007 level
As of now, SHIB has seen a 1.26% increase in the last 24 hours, reaching $0.0000077. Analyzing the price closely, it becomes evident that Shiba Inu is currently caught between a demand wall and a supply wall, exemplifying the ongoing struggle between bulls and bears.
The demand wall represents the point where 12.47 trillion SHIB tokens were bought by 36,550 addresses, while the supply wall indicates where 25.28 trillion SHIB tokens were bought by 34,820 addresses.
Both these walls are within the $0.000008 price range. Looking at the chart, it becomes apparent that SHIB has been trading within a range of $0.000007 and $0.0000084 since late June, with this trend originating in May.
