Can Shiba Inu Break Through the Sell Walls and Reach $0.00006?

Can Shiba Inu Break Through the Sell Walls and Reach $0.00006?

Shiba Inu (SHIB) recently rallied to a high of $0.00002633 on June 5, breaking the pivotal $0.000025 level. However, the altcoin now faces a massive sell wall at the $0.000026 threshold. At this wall, 64,320 addresses hold 69.74 trillion SHIB tokens, which they purchased at an average price of $0.000026. Whenever SHIB retests $0.000026, these addresses are poised to sell off their holdings, significantly increasing selling pressure.

Subsequent Supply Walls Hinder Progress

After overcoming the immediate sell wall, Shiba Inu must confront five more supply walls on its journey to $0.00006. The largest of these is stationed between $0.00003 and $0.000036, where 140,260 addresses hold 19 trillion SHIB. However, the next two supply walls present relatively lower resistance, with 8.45 trillion and 3.3 trillion SHIB tokens, respectively.

Shiba Inu Last Sell Wall | Source: IntoTheBlock

29 Trillion Token Hurdle at $0.00006

The final major roadblock for Shiba Inu is at the $0.00006 level. Here, 92,240 addresses bought 29.69 trillion SHIB, representing 5% of the circulating supply, at an average price of $0.000066. Breaking through this substantial 29 trillion token resistance would allow SHIB to reach a new yearly high above the $0.00006 zone.

Profit-Taking and Support Levels

Shiba Inu GIOM | Source: IntoTheBlock

Despite the challenges, Shiba Inu has held up well above $0.00002, with constant struggles to reclaim $0.00003. IntoTheBlock data suggests that 427,700 addresses are holding SHIB at losses, while 853,520 addresses are currently in the money, positioned to act as support against price drops. The large number of addresses in profit, representing 63.43% of total holders, is due to Shiba Inu’s decisive spike beyond $0.00001 this year.

In conclusion, Shiba Inu faces a formidable challenge in its quest to reach the $0.00006 milestone. The altcoin must overcome multiple sell walls, the largest of which features a 29 trillion token resistance. As SHIB navigates these obstacles, the support from its profitable holders could play a crucial role in its price trajectory. However, the path ahead remains arduous, and SHIB must demonstrate resilience and determination to achieve its ambitious goal.

Read Also: $35M SHIB Whale Buys Spark Frenzy, DOGE to Explode 4X?

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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