💥💥💥 #shibaInu Needs to Break This 29 Trillion Resistance to Reach $0.00006
In the current market, altcoins like Shiba Inu (SHIB) are struggling to regain momentum despite #Bitcoin's strong performance. On June 5th, SHIB saw a surge, peaking at $0.00002633, driven by Bitcoin's rise and positive market sentiment. However, it faces significant resistance at the $0.000026 level, where a major sell wall exists, hindering further gains.
Data shows that 64,320 addresses hold 69.74 trillion SHIB at an average price of $0.000026, contributing to selling pressure when SHIB approaches this level. Despite attempts to maintain support above $0.000025, SHIB has retraced its recent gains.
To surpass the $0.000026 resistance, SHIB needs to confidently close above $0.000027. However, it faces additional hurdles on its way to $0.00006, encountering five more supply walls. The largest of these walls involves 140,260 addresses holding 19 trillion SHIB tokens between $0.00003 and $0.000036.
Despite these challenges, SHIB maintains a significant number of addresses in profit, representing 63.43% of total holders. This is attributed to SHIB's spike beyond $0.00001 earlier this year. Presently, SHIB trades at $0.00002534, with efforts ongoing to reclaim $0.00003.
In summary, SHIB faces formidable obstacles in its recovery journey, with multiple sell walls impeding progress. However, bullish momentum driven by Bitcoin's resurgence and positive market sentiment could fuel SHIB's ascent if these obstacles are effectively overcome.
Source - thecryptobasic.com
