Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Shiba Inu (SHIB) price is struggling to maintain an uptrend as Bitcoin remains stunted below the $100,000 mark. Shiba Inu's price is pegged at $0.00002172, down by 1.39% in 24 hours, per CoinMarketCap.
Current data shows mixed enthusiasm in the SHIB ecosystem, with trading volume nosediving by 21.39% and burn rate soaring by 404% overnight. Amid this uncertainty, a major sell wall presents an obstacle to SHIB’s growth.
Shiba Inu resistance to watch
According to data from IntoTheBlock, a total of 73.96 trillion Shiba Inu faces a huge sell wall around the $0.000027 price mark. Notably, this level threatens the ongoing rally for the meme coin, as breaching the smaller $0.000023 level remains daunting.
Arman ShirinyanAt this latter level, 36,810 addresses bought 56.62 trillion worth of SHIB, most of which might be sold off if the price reclaims the $0.000023 mark. If SHIB investors resist the temptation to liquidate amid market uncertainty, the $0.000027 level might greatly hinder growth.
Whether or not the token will chart ambitious growth beyond this price level hinges on Bitcoin's price. If the big coin attempts to reclaim a new all-time high (ATH) above $108,000, the ripple effect of the hype might also trigger a bullish Shiba Inu run.
Can SHIB whales match up?
Over the past week, the number of SHIB whales that surfaced or intensified their activities increased. Despite the current cool-off in large transaction activities, whales have played a significant role in sustaining SHIB’s growth momentum.
Dan BurginWhat makes the digital currency appealing is quite visible. The price of Shiba Inu is at a very low discount, creating a rare long-term positive trade setup. If the broader SHIB community and the more than 213 addresses HODLing at the $0.000027 level fail to sell, the SHIB price might touch the $0.00003 mark in the short term.
Denys Serhiichuk
Arman Shirinyan
Dan Burgin
Alex Dovbnya