đđ109 Trillion SHIB Sell Wall Halts Shiba Inu's Ascent đ
Shiba Inu (SHIB) finds itself in a triangle formation, indicating a potential significant move upward. However, on-chain data reveals a substantial barrier that could hinder SHIB's short-term price gains.
Shiba Inu Faces a Major Challenge
According to IntoTheBlock data, a resistance wall created by 149,120 addresses holding 109 trillion SHIB coins exists around the $0.000027 mark. After peaking at $0.0000287 in late May, Shiba Inu's price fell to $0.0000237 in early June and has since fluctuated between $0.000023 and $0.000026.
This price level is linked to a crucial resistance zone, with bulls struggling to break past a significant sell wall above $0.000026. Many addresses may sell their holdings, creating tremendous resistance at this level. The most critical price within this range is around $0.000027.
For Shiba Inu to break through this sell wall, it requires massive buying power from both whales and retail investors. Fortunately, whale activity has surged recently, with one whale accumulating over 715 billion SHIB in a matter of hours.
SHIB Bulls Continue Their Push
Despite not reaching $0.000030 in the past two months, Shiba Inu has shown resilience. Since hitting its two-year peak in March 2024, many traders have sold off their holdings, but bullish accumulation continues. If Shiba Inu can overcome this significant sell wall, its price might soar.
Currently, substantial support at $0.000023 prevents SHIB from declining further. SHIB is down 5.35% in the last 24 hours, trading at $0.00002392. The current price movement resembles a triangle chart structure, with SHIB testing the lower end of the formation. A bullish reversal is possible, potentially pushing the meme coin to the upper end of the triangle at $0.000028.
Current Crypto Market Overview:
- Market Cap: $2.486 trillion
- SHIB Price: $0.00002392 (down 5.35% in 24 hours)
Will SHIB manage to break through the sell wall and reach new highs? The coming days will be crucial for the meme coin's trajectory. đ
