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Shiba Inu (SHIB) struggles to rise as a massive 109 trillion SHIB sell wall at $0.000027 blocks its path, despite increased whale activity.
Shiba Inu (SHIB) Faces Robust Resistance Wall, Potential for Significant Upward Movement if Breached
According to Betcoinist, Shiba Inu (SHIB) is in a triangular formation, as the current price action indicates. A breach could result in a significant upward movement, offering a promising outlook for the future. Nevertheless, the crypto market remains in a triangular pattern, and on-chain data indicates a robust resistance wall that could impede a short-term increase in the price of SHIB.
This intriguing resistance wall has an average price of $0.000027, as indicated by data from IntoTheBlock. It is comprised of 149,120 addresses that are currently holding 109 trillion SHIB tokens.
Shiba Inu experienced a brief surge to $0.0000287 in late May, but it has since retreated to $0.0000237 in early June and has been confined to a narrow trading range between $0.000023 and $0.000026. Intriguingly, the ITB data indicates that this price level is associated with a resistance that warrants monitoring. This implies a substantial SHIB sell wall located just above $0.000026 that bulls have been unable to penetrate.
The sell wall exhibits substantial resistance, as numerous addresses could potentially sell their holdings and impede further price increases. The most significant price is just below an average price of $0.000027, even though this sell wall comprises holders holding between the maximum and minimum prices of $0.000025 and $0.000030, respectively.
Shiba Inu requires substantial momentum and buying pressure from retail investors and whales to break through this sell wall. Fortunately, the token has experienced a surge in whale activity over the past few days, with a single whale consuming more than 715 billion SHIB in hours.
Shiba Inu (SHIB) Poised for Potential Rise if Bulls Clear Significant Sell Wall at $0.000027
The Shiba Inu has not returned to the $0.000030 threshold in the past two months. Since March 2024, when the market attained a two-year high, numerous traders have continued to sell despite the accumulation of bulls. Nevertheless, Shiba Inu's price could experience a rapid parabolic rise if it can surmount this substantial sell wall. Significant support is present at $0.000023, which prevents an exceptional decline for SHIB despite the impending sell wall.
SHIB is trading at $0.00002392 and has experienced a 5.35% decline in the past 24 hours. As previously indicated, the most recent price movement is reminiscent of a triangular formation on the price chart. SHIB is currently testing the lower end of the formation and may continue to decline until it reaches the support at $0.000023. All will probably occur at this juncture, and the meme coin could initiate a movement to the upper end of the triangle at $0.000028.
For this to occur, the bulls must take action and clear the sell wall at $0.000027. This would allow SHIB to proceed to another critical price level at $0.000032, signaling a potential shift in the market.
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