The Shiba Inu coin has encountered much resistance as it seeks to reach $0.000139. On-chain data from IntoTheBlock indicates that 92,000 addresses alone hold 29 trillion SHIB tokens. Although the market is bearish now, many investors are optimistic and holding their positions in anticipation of a price upswing.
As of press time, Shiba Inu’s value is $0.00002487, with key resistance at $0.000025. SHIB has increased by more than 2% in the last 24 hours and 10% in the previous week. However, the token has declined by 45.4% from its March hike, dropping from $0.00003592.
Shiba Inu faces a significant sell wall at $0.000025, with 54,280 addresses holding 56.55 trillion SHIB at this level. If SHIB surpasses this barrier, it will encounter additional resistance points on its way to $0.000139. The most immediate of these barriers involves 57 trillion SHIB tokens bought at $0.00003.
After overcoming this, Shiba Inu needs to breach three more sell walls: 19.59 trillion SHIB worth $0.00004, 9.58 trillion SHIB at $0.00005, and 3.3 trillion SHIB at $0.00006. Possibly overcoming these obstacles could raise SHIB to $0.000056, the highest price level, which has not been seen since November 2021.
The final sell wall on Shiba Inu’s path to $0.000139 is at $0.000066. Here, 92,630 addresses hold 29.77 trillion SHIB. Reaching this price could prompt significant selling pressure as holders seek to break even. Overcoming this barrier would require substantial bullish momentum, potentially pushing SHIB into a price discovery phase.
Last month, analyst Eunice predicted that Shiba Inu could hit $0.000125 in the second phase of its rally. Additionally, crypto chartist Cipher identified an Elliott Wave structure on the weekly chart, projecting the third wave to propel SHIB to $0.0001. Prominent Bitcoin analyst Dona also stated last week that $0.000114 might act as Shiba Inu’s ceiling price during this bull run.
Shiba Inu must break the immediate resistance at $0.00002556, aligned with the upper Bollinger Band on the daily chart. Clearing this level could empower bulls to target the next resistance at $0.00003178. However, SHIB must maintain support at $0.00002358 to sustain its modest uptrend.
