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Shiba Inu (SHIB) has witnessed price volatility in the past 24 hours as the coin dropped below the $0.0000128 support. IntoTheBlock data suggests that this decline could have been triggered by a sell wall that has emerged for the asset.
Shiba Inu sell wall emerges at critical price level
Notably, the sell wall has emerged between a minimum price of $0.000012 and a maximum of $0.000013. The average price of SHIB is set at $0.000013, placing a total of 35,270,000,000,000 SHIB "At the Money."
The holders are neither making a profit nor incurring a loss from the asset and might consider dumping some of their holdings on the market. Such a development could trigger bearish signals for the meme coin, as many remain concerned if SHIB is broken.
Currently, a massive 56,900 SHIB addresses are facing a sell wall, and this development could either create consolidation for SHIB or prove a resistance.
Ecosystem activities could trigger reluctance among SHIB holders to sell, resulting in a consolidation. These more 56,000 addresses could be reluctant to sell at a loss or very little profit, reducing selling pressure.
However, with the sell wall having a maximum price of $0.000013, this could prove a significant resistance for the dog-themed meme coin. Market participants should take profit and avoid further losses.
Trading volume rises amid uncertainty
As of press time, the SHIB price was changing hands at $0.00001268, a 2% decline in the last 24 hours. Despite the price decline, SHIB investors are still actively engaging with the coin, as trading volume has recorded a 4.09% uptick to $127.94 million.
The current data for SHIB suggests that the meme coin is in a critical consolidation zone. If SHIB receives ecosystem support and holders refrain from selling, the price could soar.
If SHIB rises above $0.000013, it could trigger a breakout, as many holders who were previously at a loss may decide to hold instead of selling.
SHIB is currently in a make-or-break zone, and market participants could either make this happen or delay it. If SHIB sees accumulation, it could help reclaim its position in the rankings by market cap from Toncoin.
Vladislav Sopov