Here is the biggest wall preventing Shiba Inu from reclaiming $0.00003

Shiba Inu (SHIB) is facing a huge wall of supply in its fight to return to early December highs.

The crypto market continues to experience a bearish phase, with asset prices steadily falling. Amid these unfavorable market conditions, Shiba Inu (SHIB) is one of the biggest casualties, having crashed more than 37% from its early December peak.

Despite the prevailing bearish trend, Shiba Inu seems to be resisting well above the price of $0.00002 territory but failed to transcend this region. SHIB encountered fierce resistance when it attempted to reclaim $0.000025 on Christmas Day.

Smaller SHIB Power Wall

As Bears Maintain Control, IntoTheBlock Data identifies a large sales wall which served as resistance to the resurgence of the Shiba Inu.

ParticularlySHIB faces two major supply walls before the coveted $0.00003 price territory. The first wall is relatively smaller, but nevertheless poses a threat. This zone lies between $0.000023 and $0.000024, where 42,310 addresses purchased 60.44 trillion tokens.

Shiba Inu witnessed the roadblock of this supply wall when it attempted to consolidate a breach into the $0.000024 region on Christmas Day. Resistance led to a pullback that triggered a drop of over 8% on Boxing Day, December 26.

Biggest Sell Wall Prevents Shiba Inu From Reaching $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 approximately 208,010 addresses purchased 70.35 trillion SHIB.

Due to the large number of addresses and the massive volume of this region, the area represents the largest wall ever created for Shiba Inu. For example, after Shiba Inu flew away up to a six-month high of $0.00003343 on December 8, it ran into major resistance, largely due to this massive sell wall.

Consequently, SHIB collapsed by an astonishing 15.30% the next day, marking its largest intraday decline since Terra’s implosion in May 2022. Before the December 8 attempt, SHIB had previously pushed to breach the level from $0.00003, but a roadblock at $0.00003045 led to a 16.8% collapse a period of three days.

Several market analysts have outlined ambitious goals for the Shiba Inu once the overall market rebounds, including the annual peak at $0.000045. However, the dog-themed token’s chances of reaching any of these targets remain gloomy until it closes decisively above the $0.00003 region.

Meanwhile, other data from IntoTheBlock revealed as bears have dominated the scene over the past two days, contributing to the selling pressure. Specifically, on December 29, SHIB saw an excess of 92.7 billion tokens sold by the big whales. As of December 30, this figure stood at SHIB 133.98 billion.

At press time, Shiba Inu currently changes hands at $0.000021066, down a measly 0.26% this morning. The asset has fell 21.19% in December after gaining 49.47% last month thanks to Donald Trump’s victory in the presidential election.