👉👉👉 Here’s How Many #shibaInu Stand in the Way of SHIB Reaching $0.000056

With the broader market poised for recovery, Shiba Inu (SHIB) aims to overcome recent losses and achieve significant price rallies. Despite April's 27.16% decline, SHIB has already risen by 7.15% this month, eyeing notable price levels.

SHIB's immediate target is surpassing its yearly peak of $0.000045, with aspirations toward the $0.00005 range. However, on-chain data from IntoTheBlock suggests obstacles on its path to $0.00005.

Shiba Inu Faces Resistance Below $0.00005

- IntoTheBlock's Global In/Out Money (GIOM) metric indicates minimal resistance below $0.000026, but significant hurdles lie ahead. The Fibonacci 0.5 retracement level at $0.00002721 marks the next major resistance.

- Beyond $0.000026, SHIB faces three sell walls before reclaiming $0.000045 and another before reaching a new yearly high above $0.00005. The first sell wall, between $0.000026 and $0.00003, involves 115,790 addresses holding 56.37 trillion SHIB.

- The second sell wall, around $0.000033, sees 140,830 wallets with 21.06 trillion SHIB. At $0.000045, a cluster of 57,960 addresses accumulated 8.44 trillion SHIB. Breaking through would propel SHIB to the yearly peak.

- To establish a new peak, SHIB must breach the sell wall between $0.000045 and $0.000056, with 62,510 addresses holding 3.32 trillion SHIB. These supply walls collectively feature 78 trillion SHIB tokens, posing resistance.

Current Market Sentiment

- At $0.00002428, SHIB needs a 130% surge to reach $0.000056, demonstrated in late February's uptrend. Bullish momentum would require a shift in sentiment, currently leaning toward the bearish side, with the Long/Short Ratio at 0.845. However, investors withdrawing $SHIB tokens signal optimism for recovery.

Remember, investing in cryptocurrencies is highly speculative and involves a significant risk of loss. You should never invest more than you can afford to lose also do your own research.

Source - thecryptobasic.com