109 Trillion #SHIB Sell Wall Stops Shiba Inu From Hitting New Highs
Shiba Inu (SHIB) is in a triangle configuration that might cause a big move higher. The coin continues to trade in this triangle form, but on-chain data reveals a significant barrier wall that might prevent a short-term SHIB price gain.
IntoTheBlock data shows that 149,120 addresses holding 109 trillion SHIB coins form a fascinating resistance wall around $0.000027.
Shiba Inu Faces Major Challenge
After reaching $0.0000287 in late May, Shiba Inu fell to $0.0000237 in early June and has been trading between $0.000023 and $0.000026. Interestingly, ITB data links this price level to resistance worth watching. Bulls have failed to break past a big SHIB sell wall above $0.000026.
Many addresses might sell their shares and prevent price gains, creating tremendous resistance on the sell wall. This sell wall has investors holding between $0.000025 and $0.000030, however the most critical price is slightly around $0.000027.
Shiba Inu requires massive whale and retail investor purchasing power to break this sell wall. Fortunately, whale activity has increased in recent days, with one whale eating over 715 billion SHIB in hours.
SHIB Bulls Continue Push
Shiba Inu hasn't reached $0.000030 in two months. Since its two-year peak in March 2024, many traders have sold despite bull accumulation. If Shiba Inu can break this big sell wall, its price might soar. Significant support at $0.000023 prevents SHIB from falling further despite the sell wall.
Current crypto market cap: $2.486 trillion. TradingView chart
SHIB is down 5.35% in 24 hours at $0.00002392. As indicated, the current price movement resembled a triangle price chart structure. SHIB is testing the bottom end of the formation and may fall below $0.000023. A bullish reversal is probable, and the meme currency might climb to the triangle's upper end at $0.000028.
