109 Trillion SHIBs Form a Sell Wall to Block Shiba Inu from Reaching New Highs

Shiba Inu (SHIB) is in a triangle formation that could trigger a sharp rise. The token continues to trade in this triangle formation, but on-chain data suggests that a key barrier wall may hinder SHIB's price rise in the short term

According to IntoTheBlock data, 149,120 addresses holding 109 trillion SHIB tokens form an attractive resistance wall around $0.000027.

Shiba Inu Faces Major Challenges

After reaching $0.0000287 in late May, Shiba Inu slipped to $0.0000237 in early June, trading in the $0.000023 to $0.000026 range. Interestingly, ITB data ties this price level to noteworthy resistance. Bulls Fail to Break Large SHIB Sell Wall Above $0.000026

Numerous addresses are likely to sell their holdings, creating a huge resistance to the sell wall, which could prevent price increases. This sell wall is holding investors between $0.000025 and $0.000030, but the most critical price is just above $0.000027

Shiba Inu needs a lot of buying power from whales and retail investors to break through this sell wall. Fortunately, whale activity has increased in recent days, with one whale swallowing more than 715 billion SHIB in just a few hours.

SHIB Bulls Continue to Power Up

Shiba Inu has not been able to reach $0.000030 in two months. Since the two-year high in March 2024, many traders are still selling despite the accumulation of bulls. If Shiba Inu can break through this large sell wall, its price may surge significantly. The important support level of $0.000023 prevented SHIB from falling further due to the sell wall.

Current Crypto Market Cap: $2.486 Trillion. TradingView Chart

SHIB fell 5.35% in 24 hours to $0.00002392. As shown in the figure, the current price action resembles a triangle price chart structure. SHIB is testing the bottom of the pattern and may fall below $0.000023. A bullish reversal is possible, and this meme currency may climb to the upper end of the triangle, which is $0.000028. Click on the image to find me and follow me, you will have the opportunity to get more exclusive information#新币挖矿 #山寨币热点 $SHIB