Shiba Inu has encountered multiple sell walls on the road to $0.00006, but the last resistance that poses a hurdle is the hurdle of 29 trillion tokens that SHIB needs to break.
The market has shifted into a recovery phase, but despite Bitcoin (BTC) surging above $71,000, some altcoins have yet to regain their yearly highs. Shiba Inu has not been left out of this recovery movement, but it still faces significant resistance due to multiple sell walls in its path.
On June 5, SHIB rallied to a high of $0.00002633, breaking above the critical $0.000025 level and surpassing the 50-day exponential moving average (EMA). This development ushered in bullish momentum in the medium-term, with Shiba Inu riding Bitcoin’s recovery and the broader market uptrend.
Shiba Inu's instant supply wall
However, according to data from IntoTheBlock, the $0.000026 threshold represents a massive sell wall between Shiba and higher levels.
Specifically, at this level, 64,320 addresses bought 69.74 trillion SHIB tokens at an average price of $0.000026. According to public hao: niuguluyao, these addresses sell their holdings every time Shiba Inu retests $0.000026, exacerbating the selling pressure.
Shiba Inu Wall for Sale Now | IntoTheBlock
The subsequent selling pressure led to a pullback, as observed in the latest trend. Notably, SHIB has now given back most of the gains made during the recent uptrend, falling below the $0.000026 price level. Shiba Inu will now look to stay above $0.000025 and use it for a second uptick when the bull run returns.
Shiba Inu needs to confidently close above $0.000027 to surpass this immediate sell barrier. However, after that, it must face five more supply barriers to reach $0.00006. The largest wallets have 140,260 addresses holding 19 trillion SHIB between $0.00003 and $0.000036.
Shiba Inu faces 29T resistance at $0.00006
Beyond this point, SHIB may encounter minimal resistance at the next two supply walls due to lower transaction volumes and lower address concentration. It is worth noting that they hold 8.45 trillion and 3.3 trillion Shiba Inu tokens respectively, so the resistance to break through is quite small.
However, the last sell wall offers more resistance. This barrier is located where 92,240 addresses purchased 29.69 trillion SHIB (5% of the circulating supply) at an average price of $0.000066. A break above this level would allow Shiba Inu to set a new yearly high above the $0.00006 area.
Shiba Inu Last Sale Wall | IntoTheBlock
It is worth noting that these sell walls represent multiple address clusters holding SHIB at a loss. Taken together, IntoTheBlock data shows that 427,700 addresses hold Shiba Inu at a loss. At the same time, 853,520 addresses are currently in profit, which can serve as support for price declines.
Shiba Inu GIOM | Enter the neighborhood
A large number of Shiba Inu addresses are in profit, accounting for 63.43% of total holders, thanks to Shiba Inu's decisive breakout above $0.00001 this year. Despite the turbulence, SHIB remains well above $0.00002 and is continually working to reclaim $0.00003. SHIB is currently trading at $0.00002534, down 2.16% in the past 24 hours.
