73.96 Trillion Shiba Inu Confronts Giant Sell Wall, Here’s Price Level to Watch

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As an analyst with over two decades of experience in the financial markets, I have witnessed countless bull and bear runs, market crashes, and rallies that defied all odds. With this perspective, let me weigh in on the current state of Shiba Inu (SHIB).

Currently, the price of Shiba Inu (SHIB) is finding it difficult to keep climbing as Bitcoin’s value stays below the $100,000 threshold. At present, SHIB is trading at $0.00002172, marking a 1.39% decrease over the past 24 hours, according to CoinMarketCap.

Presently, the SHIB community seems to have varying levels of excitement, as trading activity has dropped by approximately 21.39% and simultaneously, the burn rate has significantly increased by 404%. In this volatile climate, a substantial sell order poses a challenge for SHIB’s expansion.

Shiba Inu resistance to watch

Based on information from IntoTheBlock, approximately 73.96 trillion Shiba Inu coins are held at a significant sell point around the price of $0.000027. This barrier could potentially halt the current upward trend for the meme coin, as overcoming the slightly lower $0.000023 level appears challenging.

At this advanced stage, approximately 36,810 different addresses collectively purchased Shiba Inu (SHIB) tokens worth 56.62 trillion dollars. If the price of SHIB returns to around $0.000023, many investors may decide to sell off their holdings, which could hinder future growth. However, if SHIB investors manage to resist selling during market turbulence, the resistance level at $0.000027 could potentially limit further growth.

As an analyst, I find it plausible that the token’s potential for significant growth beyond its current price point is heavily influenced by Bitcoin‘s performance. If Bitcoin manages to recapture a new record high above $108,000, the ensuing excitement could potentially ignite a bullish trend for Shiba Inu as well.

Can SHIB whales match up?

Over the last seven days, we’ve seen an uptick in active Shiba Inu (SHIB) ‘whale’ accounts, or an increase in their activity levels. While there’s been a recent slowdown in large-scale transactions, these whales have been crucial in maintaining SHIB’s growth trajectory.

The allure of digital currency is quite evident, particularly Shiba Inu (SHIB). Its current price sits at a significant discount, setting up an attractive long-term trading opportunity. If the dedicated SHIB community and over 213 wallets holding at the $0.000027 level refrain from selling, there’s a possibility that the SHIB price could surge to reach $0.00003 in the near future.

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2024-12-23 16:47