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Shiba Inu (SHIB) price is struggling to maintain an upward trend as Bitcoin remains below $100,000. Shiba Inu price is set at $0.00002172, down 1.39% in 24 hours, by CoinMarketCap.
Current data shows mixed enthusiasm for the SHIB ecosystem, with trading volume plummeting 21.39% and the combustion rate soars by 404% overnight. Amid this uncertainty, a significant sell wall poses a barrier to SHIB’s growth.
Shiba Inu resistance to watch out for
According to According to data from IntoTheBlock, a total of 73.96 trillion Shiba Inu are facing a massive selling wall around the $0.000027 price mark. This level notably threatens the meme token’s ongoing rally, as breaking through the smaller $0.000023 level remains daunting.
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At the latter level, 36,810 addresses purchased 56.62 trillion SHIB, most of which could be sold if the price falls back below $0.000023. If SHIB investors resist the temptation to liquidate amid market uncertainty, the $0.000027 level could greatly hamper growth.
Whether or not the token shows ambitious growth beyond this price level depends on the price of Bitcoin. If the big coin attempts to reclaim a new all-time high (ATH) above $108,000, the ripple effect of the hype could also trigger a Shiba Inu bull run.
Can SHIB whales match?
Over the past week, the number of SHIB Whales who have surfaced or intensified their activities have increased. Despite the current slowdown in large transaction activity, whales have played an important role in maintaining SHIB’s growth momentum.
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What makes digital currency attractive is quite visible. The Shiba Inu is heavily discounted in price, creating a rare positive long-term trade setup. If the broader SHIB community and 213+ HODLing addresses at the $0.000027 level fail to sell out, SHIB price could reach the $0.00003 mark in the near term.