Shiba Inu is facing several significant obstacles as it strives to reach a price of $0.000139. One of these obstacles is a large number of addresses holding a total of over 29 trillion SHIB tokens, as revealed by on-chain data from IntoTheBlock. Despite the current bearish market conditions, most investors remain hopeful and are holding onto their positions, expecting a price increase in the near future.
Currently trading at $0.00002491, Shiba Inu is waiting for stronger market conditions to break through the resistance at $0.000025 and establish it as a support level. The current price represents a 45.4% decrease from the peak of $0.00004567 reached in March. However, analysts predict that as the bull run continues, there will be a return to this level.
Despite the positive projections, Shiba Inu is still encountering resistance at $0.000025 due to a significant sell wall. However, there is hope that this barrier can be overcome, as 54,280 addresses have collectively bought 56.55 trillion SHIB at an average price of $0.000025.
If Shiba Inu manages to surpass this initial sell wall, it will face five more supply barriers on its path to surpass the all-time high of $0.00008845 and reach $0.000139. The immediate barrier in terms of volume consists of 57 trillion Shiba Inu tokens, which is nearly 10% of the circulating supply, purchased at a maximum price of $0.00003.
After surpassing this first wall, Shiba Inu will need to overcome three additional barriers with volumes of 19.59 trillion SHIB, 9.58 trillion SHIB, and 3.3 trillion SHIB, respectively. Successfully surpassing these obstacles would push Shiba Inu to the $0.000056 level, a value last seen in November 2021.
However, the path to $0.000139 includes a final sell wall with an average price of $0.000066. At this level, there are 92,630 addresses holding a total of 29.77 trillion Shiba Inu. Reaching this price would likely face significant selling pressure, as these holders would sell off their positions to break even.
To breach this price level, the bulls would need substantial support, potentially leading Shiba Inu into a price discovery phase. Many market observers anticipate that SHIB will reach the $0.0001 level during this bull run. Just last month, analyst Eunice predicted that Shiba Inu could reach $0.000125 in the second phase of its rally.
Furthermore, crypto chartist Cipher has identified an Elliott Wave structure on the weekly chart, forecasting that the third wave will propel SHIB to $0.0001. Additionally, prominent Bitcoin analyst Dona stated last week that $0.000114 is likely to act as a ceiling price for Shiba Inu during this bull run.
Meanwhile, SHIB needs to break the immediate resistance at $0.00002556, which currently aligns with the upper Bollinger Band on the daily chart. If this level is surpassed, it could provide enough support for the bulls to aim for the $0.00003178 resistance. However, Shiba Inu must also defend the support level at $0.00002358 to maintain its modest upward trend.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are strongly advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
