Shiba Inu (SHIB) continues to face hurdles in sustaining an upward trend, as Bitcoin’s price stagnates below the critical $100,000 mark. Currently, SHIB is trading at $0.00002172, reflecting a 1.39% decline over the last 24 hours, according to CoinMarketCap.
Recent data highlights contrasting trends within the Shiba Inu ecosystem. Trading volume dropped sharply by 21.39%, while the burn rate surged by an impressive 404% overnight. This volatility underscores the uncertainty surrounding SHIB’s short-term prospects.
Key Sell Wall at $0.000027
A significant sell wall looms over SHIB, posing a critical challenge to its price momentum. Data from IntoTheBlock reveals that approximately 73.96 trillion SHIB faces resistance near the $0.000027 price level. Meanwhile, SHIB struggles to surpass the smaller $0.000023 mark, where 36,810 addresses collectively acquired 56.62 trillion SHIB.
Source: IntoTheBlock
These holdings could trigger massive sell-offs if prices rise to this level, further complicating SHIB’s recovery. Investors must resist the urge to liquidate during ongoing market uncertainty for SHIB to maintain its growth.
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If sellers remain cautious, SHIB could push past the $0.000027 resistance. However, breaking through this level remains a formidable challenge that could stall the token’s upward momentum.
Role of Whales in Sustaining Growth
Shiba Inu’s future trajectory heavily depends on Bitcoin’s price action. If Bitcoin attempts to surpass its all-time high of $108,000, the resulting market enthusiasm could catalyze a bullish rally for SHIB. Despite a slowdown in large transaction activities, SHIB whales have played a crucial role in maintaining the token’s momentum.
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Over the past week, the number of active SHIB whales has increased, showcasing their confidence in the token. Shiba Inu’s low price continues to attract investors seeking long-term opportunities.
If the broader SHIB community and the 213 addresses holding at the $0.000027 level refrain from selling, the token could potentially reach $0.00003 in the near future. With disciplined investor behavior, SHIB could overcome current obstacles and reclaim its upward trajectory.
