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Shiba Inu has the potential to surpass the $0.000056 price territory if it can breach four supply walls with a combined volume of over 78 trillion SHIB tokens.
With the broader market looking to recover fully from the losses incurred last month, Bitcoin (BTC) and other crypto assets have set the stage for substantial price rallies. Shiba Inu, which lost 27.16% of its value in April, has increased by 7.15% this month, looking to reach significant price levels.
SHIB’s immediate goal is to eventually surpass the yearly peak of $0.000045, with a subsequent push toward the $0.00005 price territory. However, on-chain data sourced by IntoTheBlock suggests that it might face a cluster of roadblocks on the journey toward $0.00005.
Shiba Inu Faces 4 Sell Walls Below $0.00005
Notably, IntoTheBlock’s Global In/Out Money (GIOM) metric indicates that Shiba Inu faces minimal resistance below the $0.000026 price. According to market data, SHIB’s next pivotal resistance currently sits at the Fibonacci 0.5 retracement level, aligning with $0.00002721.
However, once it breaches the $0.000026 level, SHIB would face three sell walls before reclaiming $0.000045 and an extra sell wall before reaching a new yearly high above $0.00005. The first sell wall rests between the $0.000026 and $0.00003 price, where 115,790 addresses hold 56.37 trillion SHIB.
Shiba Inu has continued to face a roadblock in the $0.00003 region since last month. The second sell wall lies within an average price of $0.000033. At this level, about 140,830 wallets procured 21.06 trillion SHIB in a price range of $0.000030 and $0.000036.
At the second sell wall is a cluster of 57,960 addresses, which amassed 8.44 trillion SHIB at a maximum price of $0.000045. Breaching this level would bring Shiba Inu to the yearly peak of $0.00004567, previously attained on March 5 amid the uptrend that began in late February.
However, for SHIB to surpass the $0.000045 high and establish a new top, it would need to break above the sell wall between $0.000045 and $0.000056 price levels, where 62,510 addresses hold 3.32 trillion SHIB. Overall, these four supply walls posing resistance on the path to $0.000056 collectively feature 78 trillion SHIB tokens.
Current Market Sentiments
At the current price of $0.00002428, Shiba Inu would need to surge 130% to reach $0.000056. This potential was already demonstrated during the late February uptrend, which saw SHIB increase 372% within eight days. While replicating this rise is possible, the bulls would require strength from a shift in sentiments.
Currently, Shiba Inu’s sentiments are flirting with the bearish territory, with the Long/Short Ratio on derivatives positions currently at 0.845. However, investors have begun pulling their SHIB tokens off exchanges, transferring out $5.54 million since yesterday, as prices look to recover.