Shiba Inu (SHIB) has surged 55% in three months, but could face a potential sell wall at the $0.000016 price threshold where almost 90,000 addresses purchased 422 trillion SHIB tokens.
Ali Martinez, a prominent market analyst, highlighted this condition in his latest report on Shiba Inu. In a post on X, Ali shared data from market intelligence resource IntoTheBlock, detailing the resistance and support levels SHIB could face based on accumulation trends.
According to Ali, Shiba Inu has skyrocketed by 55% over the past three months. Data from the charts have confirmed this disclosure. Notably, SHIB dropped to a low of $0.0000661 on Oct. 19. However, the asset had surged to a high of $0.0001030 at the time of Ali’s disclosure, marking a 55.8% increase.
Although Shiba Inu has plummeted below the $0.00001 threshold since the report, the asset’s downturn has mainly been triggered by the ongoing market-wide collapse. Despite the collapse, SHIB has confidently held above the $0.000009 support level.
Next Key Shiba Inu Resistance
However, amid this formidable support, Ali pointed out a stern resistance area that Shiba Inu could face once it resumes its uptrend. Citing IntoTheBlock data, the analyst identified a supply wall at the $0.000016 price territory. Data confirms that 89,330 addresses bought 422.8 trillion SHIB at this price level.
As a result of the massive purchase concentration at this level, a firm sell wall has formed. Notably, should Shiba Inu sustain its uptrend and move toward this price level, the investors or traders who bought the asset at this price could take to selling off their holdings, as their investments hit profitable or breakeven points.
This concentration of selloffs could pose a threat to Shiba Inu’s uptrend as selling pressure mounts on the digital asset. As a result, SHIB could face immense resistance at the price level, leading to a roadblock in its uptrend.
Having dropped below $0.00001 at the reporting time, Shiba Inu has new resistance levels to break above before reaching the $0.000016 roadblock. The first resistance is stationed at $0.00001007, aligning with Fib. 0.618. Upon breaching this, SHIB would face the resistance points at $0.00001077 and $0.00001168.
Meanwhile, in the short term, Shiba Inu needs to defend the $0.000009 support to retain its momentum for the next market resurgence. Currently trading for $0.00000970, SHIB’s next support stands at $0.00000957. Breaching this point would bring the support at $0.00000907, which serves as the last defense above $0.000009.
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