Here’s the Biggest Wall Stopping Shiba Inu from Reclaiming $0.00003

Shiba Inu (SHIB) faces a massive supply wall in its struggle to reclaim early December highs.

The crypto market continues to witness a bearish phase, with asset prices persistently declining. Amid this unfavorable market condition, Shiba Inu (SHIB) is one of the biggest victims, having collapsed by more than 37% from its early December peak.

Despite the prevalent bearishness, Shiba Inu appears to be holding up well above the $0.00002 price territory but has failed to transcend this region. SHIB met fierce resistance when it attempted to reclaim $0.000025 on Christmas Day. 

Smaller SHIB Supply Wall

As the bears maintain control, IntoTheBlock data identifies a large sell wall that has served as resistance to Shiba Inu’s upsurge.

Particularly, SHIB faces two major supply walls before the much-coveted $0.00003 price territory. The first wall is relatively smaller, but poses a threat, nonetheless. This area lies between $0.000023 and $0.000024, where 42,310 addresses bought 60.44 trillion tokens.

Shiba Inu witnessed the roadblock from this supply wall when it attempted to solidify a breach of the $0.000024 region on Christmas Day. The resistance led to a pullback that triggered an over 8% drop by Boxing Day, Dec. 26. 

Largest Sell Wall Stopping Shiba Inu from Hitting $0.00003

Meanwhile, beyond the $0.000023 to $0.000024 sell wall, the meme coin faces intense antagonism between $0.000024 and $0.000030. Notably, within this price range, data shows that about 208,010 addresses procured 70.35 trillion SHIB.

Due to the sheer number of addresses and the massive volume in this region, the area represents the largest ever wall for Shiba Inu. For instance, after Shiba Inu soared to a six-month peak of $0.00003343 on Dec. 8, it faced major resistance, largely from this massive sell wall.

Consequently, SHIB collapsed by an astonishing 15.30% the next day, marking its largest intraday decline since the Terra implosion in May 2022. Before the Dec. 8 attempt, SHIB previously pushed to breach the $0.00003 level, but a roadblock at $0.00003045 led to a 16.8% crash over a three-day period.

Several market analysts have presented lofty targets for Shiba Inu once the broader market rebounds, including the yearly peak at $0.000045. However, the dog-themed token’s chances of reaching any of these goals remain bleak until it decisively closes above the $0.00003 region.

Meanwhile, further data from IntoTheBlock reveals that bears have dominated the scene over the past two days, contributing to the selling pressure. Specifically, on Dec. 29, SHIB saw an excess of 92.7 billion tokens sold by large whales. By Dec. 30, this figure rose to 133.98 billion SHIB.

At press time, Shiba Inu currently changes hands at $0.000021066, down by a meager 0.26% this morning. The asset has declined 21.19% in December after securing a 49.47% rise last month on the back of Donald Trump’s victory in the presidential election.