Shiba Inu Faces Major Resistance Wall
Shiba Inu (SHIB) currently faces a significant hurdle in the form of a resistance wall hovering around the $0.000027 price level. This barrier comprises 149,120 addresses holding a staggering 109 trillion SHIB tokens. The crypto recently hit a high of $0.0000287 before retracting to $0.0000237 and has since traded within the narrow range of $0.000023 to $0.000026.
Struggling to Break Through
Data from IntoTheBlock indicates a substantial resistance at the $0.000026 level, preventing SHIB from pushing past this crucial threshold. The presence of a massive sell wall just above $0.000026 poses a challenge for bulls seeking further price appreciation. The sell wall encompasses holders with SHIB holdings ranging between $0.000025 and $0.000030, with the key price point sitting below an average of $0.000027.
- Addressing the resistance wall
- Significant sell pressure
- Strong barrier for price increase
- Challenges for SHIB bulls
- Need for increased buying pressure
- Rallying support from whales and retail investors
Overcoming the Hurdle
To break through this sell wall, Shiba Inu requires a considerable influx of buying activity, supported by both whale investors and retail traders. Recent whale transactions, including one involving the acquisition of over 715 billion SHIB tokens, indicate increased activity among large holders. Despite the significant resistance, SHIB finds support at $0.000023, preventing a sharp decline in its price.
Potential Breakout for SHIB Bulls
Shiba Inu has struggled to surpass the $0.000030 mark over the past few months, with selling pressure mounting since its peak in March 2024. However, a successful breach of the sell wall could trigger a rapid price surge for SHIB. While current prices sit around $0.00002392, a bullish reversal from the $0.000023 support level could propel SHIB towards the upper end of the triangle formation at $0.000028.
- Short-term price outlook
- Possible bullish reversal
- Targets within the triangular formation
- Price action dynamics
- Testing lower support
- Potential for a bullish breakout
Hot Take: Current Price Action for SHIB
Current price action shows Shiba Inu (SHIB) is currently in a triangular formation whose breakout might send it on a substantial surge upwards. However, while the crypto continues to trade within this triangular pattern, on-chain data shows a strong resistance wall, which could pose a strong threat to a SHIB price increase in the short term.
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