SHIB is currently in a triangle configuration, which could signal a significant move higher. While the coin continues to trade in this pattern, on-chain data reveals a significant headwind that could prevent SHIB from rising in price in the short term.
149,120 addresses holding 109 trillion SHIB coins formed a striking resistance wall around $0.000027.
SHIB faces major challenges
After reaching a high of $0.0000287 in late May, Shiba Inucoin fell to $0.0000237 in early June and has fluctuated between $0.000023 and $0.000026. Interestingly, ITB data ties this price level to a resistance point worth watching. Bulls have failed to break through the massive SHIB sell wall above $0.000026.
Faced with this challenge, SHIB holders and onlookers are watching the situation closely. Despite the strong selling pressure, the SHIB community remains optimistic and determined. They believe that over time, SHIB will be able to overcome this obstacle and continue to move towards higher goals.
The selling pressure is heavy, and a large number of addresses may sell their holdings, forming a huge resistance on the sell side. This selling resistance wall is mainly composed of investors holding prices between $0.000025 and $0.000030, but the most critical price is slightly below $0.000027.
For SHIB to break through this selling resistance wall, it needs strong support from whale investors and retail investors. Fortunately, the frequency of whale activity has increased in recent days, and one whale has purchased more than 715 billion SHIB in a few hours.
SHIB bulls continue to attack
SHIB has been unable to reach the high of $0.000030 in the past two months. Since hitting a two-year high in March 2024, many traders have chosen to sell despite the accumulation of bullish power. If Shiba Inu Coin can break through this huge wall of selling resistance, its price may soar. Despite the selling pressure, the important support level of $0.000023 can effectively prevent SHIB from falling further.
The total market capitalization of the current cryptocurrency market is $2.486 trillion. SHIB has fallen 5.35% in 24 hours and is currently priced at $0.00002392. As shown, the current price trend presents a triangular price chart structure.
SHIB is testing the bottom of the structure and could fall below $0.000023. However, a bullish reversal could still occur, where the meme coin could climb to the upper edge of the triangle at $0.000028.
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