- Shiba Inu is at a critical support level according to the In/Out of the Money indicator
- Shiba Inu’s focus on the DeFi sector has caused it to remain lackluster.
Shiba Inu is testing an important support level. If this support level cannot be maintained, a drop may be inevitable!
Shiba Inu Testing Critical Support Level!
According to the In/Out of the Money (IOM) indicator, while the crypto market is experiencing a revival in meme tokens, Shiba Inu (SHIB) is currently testing a critical support level of 178 trillion tokens. This important support level is based on a price close to the current market value of about 200 trillion SHIB tokens.
The In/Out of the Money indicator provides a view of the distribution among token holders by comparing the average cost of tokens held by each address with the current price. If the current price is higher than the average cost, the address is considered “in the money”. Conversely, if the current price is lower than the average cost, the address is considered “out of the money”.
Despite the rise in meme token market, Shiba Inu’s price performance has remained quite lackluster and its volatility is at a minimum level. This may be due to SHIB’s transformation from just a meme token to a more comprehensive ecosystem that includes decentralized finance (DeFi) features. Therefore, the asset may benefit more from growth in the broader DeFi space than from rallies in other meme tokens.
If SHIB Cannot Hold On, Price Drop May Be Inevitable!
The 178 trillion SHIB token support level is an important milestone that shows that investors with a strong foundation in the asset are buying it at or around the current market value. If this support level is maintained, it may indicate that investor confidence in Shiba Inu remains strong despite its relatively modest price performance compared to other meme tokens.
However, if the support level cannot be maintained, a potential market downturn may occur, forcing SHIB holders to sell and causing a price drop. Therefore, it is important for investors to closely monitor the 178 trillion support level and evaluate the overall market sentiment for Shiba Inu.
