Current
price
action
shows
Shiba
Inu
(SHIB)
is
currently
in
a

triangular
formation

whose
breakout
might
send
it
on
a

substantial
surge
upwards.
However,
while
the
crypto
continues
to
trade
within
this
triangular
pattern,
on-chain
data
shows
a
strong
resistance
wall,
which
could
pose
a
strong
threat
to
a
SHIB
price
increase
in
the
short
term.

According
to
data
from
IntoTheBlock,
this
interesting
resistance
wall
sits
around
an
average
of
the
$0.000027
price
level,
which
consists
of
149,120
addresses
that
are
holding
109
trillion
SHIB
tokens.

 

Major
Hurdle
For
Shiba
Inu

After
a
run
to
$0.0000287
in
late
May,
Shiba
Inu
reversed
to
$0.0000237
in
early
June
and
has
been
stuck
in
a
narrow
trading
range
between
$0.000023
and
$0.000026.
Interestingly,

ITB
data

correlates
this
price
level
with
a
resistance
worth
monitoring.
What
this
means
is
that
there’s
a
huge
SHIB
sell
wall
just
above
$0.000026
that
bulls
have
been
unable
to
break
through. 

The
sell
wall
shows
massive
resistance
as
there
are
many
addresses
that
could
sell
their
holdings
and
block
further
price
increases.
Although
this
sell
wall
consists
of
holders
holding
between
the
maximum
and
minimum
prices
of
$0.000025
and
$0.000030,
respectively,
the
most
important
price
is
just
below
an
average
price
of
$0.000027.

For
Shiba
Inu
to
barrel
through
this
sell
wall,
it
needs
a
huge
amount
of
buying
pressure
and
momentum
from

 

both
whales
and
retail
investors.
Fortunately,
the
token
has
seen
an
uptick
in
whale
activity
in
the
past
few
days,
with
one
particular
whale

gobbling
up

over
715
billion
SHIB
in
just
a
matter
of
hours.

SHIB
Bulls
To
Keep
Pushing

Shiba
Inu

has
yet
to
return
to
the
$0.000030
threshold
in
the
past
two
months.
Despite
various
accumulation
from
the
bulls,
many
traders
continue
to
sell
since
it
reached
a
two-year
high
in
March
2024.
However,
if
Shiba
Inu
does
manage
to
overcome
this
massive
sell
wall,
its
price
could
go
parabolic
rather
quickly.
Despite
the
looming
sell
wall,
significant
support
exists
at
$0.000023,
preventing
an
outstanding
decline
for
SHIB. 

At
the
time
of
writing,
SHIB
is
trading
at
$0.00002392
and
is
down
by
5.35%
in
the
past
24
hours.
As
mentioned
earlier,
the
recent
price
movement
resembles
that
of
a
triangular
formation
on
the
price
chart.
Currently,
SHIB
is
testing
the
lower
end
of
the
formation
and
could
continue
to
decline
until
it
reaches
the
support
at
$0.000023.
A
bullish
reversal
is
likely
to
occur
at
this
point,
and
the
meme
coin
could
kickstart
a
move
to
the
upper
end
of
the
triangle
at
$0.000028.

For
this
to
happen,
the
bulls
will
need
to
simultaneously
clear
the
sell
wall
at
$0.000027,
which
would
give
SHIB
a
free
run
to
another
key
price
level
at
$0.000032.

 

Featured
image
from
Reddit,
chart
from
TradingView

Go to Source
Author: Scott Matherson

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