thecryptobasic.com
Shiba Inu faces several significant sell barriers on its path to $0.000139, one of which comprises 92,000 addresses collectively holding over 29 trillion SHIB tokens.
This is according to on-chain data from IntoTheBlock. Despite Shiba Inu’s current bearish market conditions, most investors remain optimistic. They continue to hold their positions, anticipating an imminent price upswing.
Shiba Inu trades at $0.00002491, awaiting broader market strength to break above the $0.000025 resistance and turn it into support. At its current price, SHIB is down 45.4% from the local peak of $0.00004567 in March. Nonetheless, analysts predict a return to this level as the bull run progresses.
Shiba Inu Faces Multiple Sell Walls
Amid the bullish projections, Shiba Inu continues to face resistance at $0.000025 due to a significant sell wall. However, SHIB is on the verge of overcoming this barrier, where 54,280 addresses collectively purchased 56.55 trillion SHIB at an average price of $0.000025.
If Shiba Inu surpasses this initial wall, it will encounter five more supply barriers on its path to surpassing the all-time high of $0.00008845 and reaching $0.000139. In terms of volume, the most immediate of these walls features 57 trillion Shiba Inu tokens, nearly 10% of the circulating supply, bought at a maximum price of $0.00003.
After surpassing this wall, Shiba Inu would need to breach three additional barriers, with respective volumes of 19.59 trillion SHIB, 9.58 trillion SHIB, and 3.3 trillion SHIB. Overcoming these obstacles would elevate Shiba Inu to the $0.000056 level, a value last seen in November 2021.
Over 92K Addresses Holding 29T SHIB
However, the path to $0.000139 includes a final sell wall at an average price of $0.000066. At this level, 92,630 addresses hold 29.77 trillion Shiba Inu. A rally to this price would likely face significant selling pressure as these holders sell off their positions to break even.
To breach this price level, the bulls would need significant support, potentially ushering Shiba Inu into a price discovery phase. Many market observers anticipate SHIB reaching the $0.0001 level during this bull run. Just last month, analyst Eunice forecasted that Shiba Inu could reach $0.000125 in the second phase of its rally.
In addition, crypto chartist Cipher identified an Elliott Wave structure on the weekly chart, forecasting the third wave to propel SHIB to $0.0001. Additionally, last week, Dona, a prominent Bitcoin analyst, stated that $0.000114 would likely act as Shiba Inu’s ceiling price during this bull run.
Meanwhile, SHIB needs to break the immediate resistance at $0.00002556, currently aligning with the upper Bollinger Band on the daily chart. Taking out this level could provide enough support to the bulls to aim toward the $0.00003178 resistance. However, Shiba Inu needs to defend the support at $0.00002358 to retain its modest uptrend.