Must Break This 29 Trillion Resistance to Reach $0.00006
In the current market, altcoins like Shiba Inu are struggling to regain momentum despite their strong performance. On June 5, SHIB experienced 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 there is a large sell wall, preventing further upside.
Data shows that 64,320 addresses held 69.74 trillion SHIB at an average price of $0.000026, contributing to selling pressure as SHIB approached this level. Despite attempts to maintain support above $0.000025, SHIB has retraced its recent gains.
To surpass the $0.000026 resistance, SHIB must close confidently above $0.000027. However, it faced additional hurdles on its way to $0.00006, facing five more supply walls. The largest of these walls involved 140,260 addresses holding 19 trillion SHIB tokens between $0.00003 and $0.000036.
Despite these challenges, SHIB maintains a large number of addresses in terms of profits, representing 63.43% of total shareholders. This is due to SHIB's surge beyond $0.00001 earlier this year. Currently, SHIB is trading at $0.00002534, with ongoing efforts to regain $0.00003.
In short, SHIB is facing major obstacles on its recovery journey, with numerous sell walls impeding progress. However, the bullish momentum driven by Bitcoin's revival and positive market sentiment could drive SHIB's rise if these headwinds can be overcome effectively.
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