Shiba Inu (SHIB) to Face 500 Trillion Battle: Details

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Shiba Inu is getting closer to the 26-day Exponential Moving Average (EMA), which presents a serious obstacle. At this critical technical level, SHIB is going to face a massive 500 trillion SHIB battle, according to data from IntoTheBlock.

This might be a pivotal time for the cryptocurrency since a break through this resistance could open the door to a bullish reversal, but a failure to do so could result in a significant price decline. 

SHIB/USDT Chart by TradingView

After a protracted downtrend, SHIB is currently trading at $0.00001439, indicating some signs of recovery. But the 26 EMA, which represents a crucial resistance level, might be a strong obstacle. 

Five hundred trillion tokens, a sizable portion of SHIB, appear to be tied to this price point according to the data, suggesting that many investors may be considering selling if the price approaches or marginally surpasses this barrier. The $0.00001556 mark is the next notable resistance above the 26 EMA, according to the support and resistance levels.

This level will be critical if SHIB is able to overcome the 26 EMA and maintain its upward trajectory. The levels at $0.000013 and $0.000012 provide quick support in the event of a decline. These levels could face pressure if SHIB is unable to break above the 26 EMA and the price retraces.

According to IntoTheBlock's In/Out of the Money Around Price indicator, right now, about 60,000 addresses are Out of the Money at the price, indicating a significant amount of selling pressure over current levels. This strengthens the possibility that SHIB will find it difficult to overcome the 26 EMA and may experience a reversal if buying power does not rise.