Shiba Inu (SHIB) has witnessed an impressive 55% surge over the past three months, signaling bullish momentum in the market. However, a potential stumbling block looms on the horizon, as the altcoin could encounter significant resistance at the $0.000016 price threshold.
Market Analyst Ali Martinez Identifies Impending Challenge
In a comprehensive analysis, prominent market analyst Ali Martinez shed light on a crucial aspect that could impact Shiba Inu’s upward trajectory. Drawing insights from the market intelligence resource IntoTheBlock, Martinez delved into accumulation trends to outline potential resistance and support levels for SHIB.
Ali Martinez’s report highlighted Shiba Inu’s remarkable journey, showcasing a 55.8% surge in the last three months. The charts corroborate this data, revealing a low of $0.0000661 on October 19, followed by a high of $0.0001030 at the time of Ali’s disclosure.
Resilience Amid Market Downturn
Despite the ongoing market-wide collapse, Shiba Inu has demonstrated resilience, staying above the $0.000009 support level.
Notably, the recent downturn in SHIB’s value is attributed more to the broader market conditions than internal factors.
While Shiba Inu holds its ground above the $0.000009 support, Ali Martinez points out a formidable resistance zone that could test the cryptocurrency’s mettle in the coming days.
According to IntoTheBlock data, a substantial sell wall awaits SHIB at the $0.000016 price territory, where a staggering 89,330 addresses collectively purchased 422.8 trillion SHIB tokens.
The concentration of purchases at this level creates a robust sell wall, potentially triggering a wave of sell-offs by investors or traders as their holdings reach profitable or breakeven points. This concentrated selloff activity could exert substantial selling pressure on Shiba Inu, posing a threat to its ongoing uptrend and creating a significant roadblock at the $0.000016 price level.
Navigating Resistance: Short-Term Challenges
With Shiba Inu currently trading below $0.00001, it faces immediate resistance levels that must be overcome before reaching the $0.000016 hurdle. The first hurdle lies at $0.00001007, coinciding with Fib. 0.618. Beyond this point, SHIB encounters resistance at $0.00001077 and $0.00001168.
Upholding Momentum in the Short-Term
In the short term, Shiba Inu must safeguard the $0.000009 support to maintain its momentum for potential market resurgence.
Currently, SHIB is trading at $0.00000969, with the next support level at $0.00000957. Breaching this level could expose SHIB to further support at $0.00000907, acting as the final defense above $0.000009. Investors keenly watch as Shiba Inu navigates these crucial levels in its quest for sustained growth.