Coin Edition -
- Shiba Inu faces strong sell walls, with $0.000026 as a major resistance level.
- Overcoming resistance could push SHIB above $0.00006 to a new yearly high.
- Analyst Mags suggests now is an ideal time to buy SHIB despite a 43% drop in trading volume.
Multiple sell walls pose a significant challenge for Shiba Inu (SHIB), even as the broader cryptocurrency market recovers. These sell walls represent major obstacles preventing SHIB from rising further.
The $0.000026 level stands out as a key resistance area. According to IntoTheBlock data, this price point marks a substantial sell wall. Clearing this hurdle could trigger significant gains.
This level’s sell wall comprises 92,240 addresses that collectively own 29.69 trillion SHIB tokens. A successful breakout above this level could propel SHIB to a new annual high, potentially exceeding $0.00006. This scenario could ignite renewed enthusiasm and interest in the cryptocurrency, particularly among those closely following its performance.
Despite the sell walls, significant support exists, preventing sharp price declines for SHIB. According to IntoTheBlock data, 853,520 addresses are currently profitable, while 427,700 addresses hold SHIB at a loss. This support acts as a buffer against downward price swings during volatile periods.
Coin Edition previously reported on remarks by crypto analyst Mags, who asserted that now is an optimal time to buy SHIB. Mags believes the current market conditions offer investors a unique opportunity to purchase SHIB before it potentially breaks through its resistance levels.
Notably, SHIB’s trading volume has significantly decreased over the past week, falling by 43% to $397.78 million. This decline in trading activity may suggest that traders are awaiting more definitive market signals or a period of consolidation.
The post Shiba Inu Faces 29 Trillion Token Sell Wall on Path to New Highs appeared first on Coin Edition.