Shiba Inu is facing multiple obstacles on its journey towards $0.00006, with the most significant resistance being a hurdle of 29 trillion tokens that SHIB must overcome.
Despite Bitcoin (BTC) surpassing the $71,000 mark and the market entering a recovery phase, some altcoins have yet to reach their yearly highs. Shiba Inu is also striving to recover, but is encountering significant resistance along the way.
On June 5, SHIB surged to $0.00002633, breaking the crucial $0.000025 level and surpassing the 50-day exponential moving average (EMA). This led to a bullish momentum in the mid-term, supported by the resurgence of Bitcoin and the overall market uptrend.
However, the $0.000026 threshold presents a major sell wall for Shiba Inu, with data from IntoTheBlock showing that 64,320 addresses hold 69.74 trillion SHIB tokens at an average price of $0.000026. This has created selling pressure whenever SHIB approaches this level, leading to corrections in its price.
To surpass this immediate sell wall, Shiba Inu needs to close above $0.000027, but it must also overcome five more supply walls on its way to $0.00006. The largest of these walls, in terms of wallets, consists of 140,260 addresses holding 19 trillion SHIB between $0.00003 and $0.000036.
At the $0.00006 mark, Shiba Inu faces its most substantial resistance, with 92,240 addresses holding 29.69 trillion SHIB at an average price of $0.000066. Breaking through this level would allow SHIB to reach a new yearly high above $0.00006.
It is worth noting that these sell walls indicate points where clusters of addresses are holding SHIB at a loss. IntoTheBlock data suggests that 427,700 addresses are currently at a loss, while 853,520 addresses are in profit, serving as a potential support against price declines.
Despite the challenges, Shiba Inu has maintained its position above $0.00002, with ongoing efforts to reclaim $0.00003. Currently trading at $0.00002534, SHIB is down 2.16% in the last 24 hours. Please note that this content is for informational purposes only and should not be construed as financial advice. Readers are advised to conduct thorough research before making any investment decisions.
