As an experienced analyst, I believe Shiba Inu (SHIB) is currently facing a significant hurdle in the form of a massive sell wall that could limit its price surge in the short term. The triangle formation on the price chart indicates a potential breakout, but the strong resistance at $0.000027, as evidenced by on-chain data from IntoTheBlock, is a major concern.
The ongoing price behavior of Shiba Inu (SHIB) indicates that it is presently forming a triangle pattern on the charts. A potential breakout from this configuration could lead to a significant upward trend for the cryptocurrency. However, despite this bullish outlook, on-chain analysis reveals a formidable resistance level, which could hinder Shiba Inu’s price growth in the near term.
As a researcher examining data from IntoTheBlock, I’ve discovered an intriguing resistance wall hovering around the $0.000027 price mark. This formidable barrier is supported by approximately 149,120 addresses that collectively hold over 109 trillion SHIB tokens.
Major Hurdle For Shiba Inu
In late May, Shiba Inu’s price dropped significantly from $0.0000287 to $0.0000237 in early June. Since then, it has remained within a narrow band of $0.000023 and $0.000026. Notably, ITB data indicates that this price range may represent a notable resistance point for investors to keep an eye on. Essentially, there’s a substantial Shiba Inu sell order stacked above $0.000026, which bulls have thus far been unsuccessful in surmounting.
A significant barrier to advancement in price exists at the sell wall due to a large number of potential sellers ready to offload their holdings, preventing any further price hikes. Among these addresses, those with holdings priced between twenty-five and thirty thousandths of a cent maintain the most importance. However, it is crucial to note that the price level most likely to cause a significant impact lies just beneath an average selling price of approximately twenty-seven thousandths of a cent.
As a crypto investor in Shiba Inu, I can tell you that for this token to break through the current sell wall, it necessitates a massive wave of buying pressure and momentum from both deep-pocketed investors (whales) and retail investors. Fortunately, we have observed an increase in whale activity over the past few days. One significant whale has even bought up more than 715 billion SHIB within just a few hours.
SHIB Bulls To Keep Pushing
As a crypto investor, I’ve noticed that Shiba Inu hasn’t been able to regain the $0.000030 mark in the last two months, even with attempts at accumulation from the bulls. However, there are still many sellers in the market since SHIB hit a two-year high in March 2024. But if Shiba Inu can break through this substantial resistance level, its price could surge significantly and potentially reach new heights. Although the sell wall remains a concern, there’s solid support at $0.000023, which could prevent a steep decline for Shiba Inu.
At present, SHIB is priced at $0.00002392 during my writing, representing a 5.35% decrease over the previous 24 hours. Previously discussed, the price trend bears a striking resemblance to a triangle pattern on the chart. Presently, SHIB hovers near the triangle’s lower boundary and may continue to slide until it reaches the $0.000023 support level. A bullish turnaround is imminent at this juncture, potentially initiating an uptrend towards the triangle’s upper limit at $0.000028.
To reach that point, the bulls must overcome the sell barrier at $0.000027 in unison. Doing so would enable SHIB to advance towards the next significant price mark at $0.000032 without encountering resistance.
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2024-06-09 06:11