The current price movement shows that Shiba Inu (SHIB) is currently triangle formation Whose breakout can send it? significant rise. However, while the cryptocurrency continues to trade within this triangle pattern, on-chain data shows a strong resistance wall, which could pose a major threat to SHIB price hikes in the near term.
According to data from IntoTheBlock, this interesting resistance wall is located at the average price level of $0.000027, consisting of 149,120 addresses holding 109 trillion SHIB tokens.
Major Obstacles for Shiba Inus
The Shiba Inu rose to $0.0000287 in late May before reversing to $0.0000237 in early June, remaining stuck in a narrow trading range between $0.000023 and $0.000026. fun, ITB data We associate this price level with resistance worth monitoring. What this means is that there is a huge SHIB sell wall just above $0.000026 that the bulls cannot break through.
The sell wall presents tremendous resistance as there are many addresses that can sell their holdings and block further price rises. This sell wall consists of holders holding between $0.000025 and $0.000030, the highest and lowest prices respectively, but the most significant price is just below the average price of $0.000027.
It would take a huge amount of buying pressure and momentum for the Shiba Inu to break through this sales wall. Both whales and individual investors. Fortunately, Token has seen an increase in whale activity over the past few days, with one particular whale. gorge In just a few hours, over 715 billion SHIB was raised.
SHIB Bulls keep pushing
shiba inu Over the past two months, it has yet to return to the $0.000030 threshold. Despite the various bullish build-ups, many traders have continued to sell since the two-year high was reached in March 2024. However, if Shiba Inu overcomes this massive selling wall, its price could go parabolic rather quickly. Despite the looming sell barrier, significant support exists at $0.000023, preventing a sharp decline for SHIB.
At the time of writing, SHIB is trading at $0.00002392 and is down 5.35% in the last 24 hours. As mentioned earlier, recent price movements resemble a triangle shape on a price chart. SHIB is currently testing the bottom of the formation and may continue to decline until it reaches the support at $0.000023. At this point, a bullish reversal is likely to occur and the meme coin may begin a move towards the top of the triangle at $0.000028.
This would require bulls to simultaneously remove the sell wall at $0.000027, which would free SHIB to advance to another key price level of $0.000032.
Featured image from Reddit, chart from TradingView