Shiba Inu gains could lead to sell-offs amid resistance levels

Shiba Inu (CRYPTO:SHIB) has recently seen its price rise to $0.000013, prompting many holders to lock in profits. 

While this uptick might encourage long-term holders, on-chain data suggests the token could face a potential setback. 

According to data from IntoTheBlock, over 4 trillion SHIB tokens are set to be sold, surpassing the amount ready to be purchased on the top 20 exchanges. 

At current prices, these sell orders are valued at $52 million, compared to $32.5 million in buy orders, indicating that a price dip might be on the horizon. 

Based on SHIB's Exchange Onchain Market Depth, when sell orders outweigh buy orders, the price often consolidates or declines. 

In this context, SHIB could face resistance at $0.000014, and if the selling pressure persists, a drop to $0.000010 is possible. 

Adding to this bearish outlook, Glassnode data shows that SHIB's Realized Profit has spiked to its highest level in over a month, reaching $9.39 million. 

This spike suggests that many short-term holders are booking profits, which could add to the selling pressure and push the price downward. 

According to the In/Out of Money Around Price (IOMAP) indicator, SHIB’s price could encounter significant resistance at $0.000014 due to the large volume of tokens accumulated around that price point. 

This volume, exceeding 48 trillion tokens, is considerably higher than the volume purchased between $0.000011 and $0.000013. 

If SHIB fails to break this resistance, it may see a price drop toward $0.000010. 

However, if buying pressure increases significantly, SHIB could break above $0.000014, potentially reaching $0.000016. 

Investors should watch these resistance levels and market indicators closely to anticipate the next price movements for SHIB. 

At the time of writing, the Shiba Inu (SHIB) price was $0.00001356.