Shiba Inu (SHIB) is currently experiencing minimal resistance on its path towards reaching $0.00008845, its all-time high. The recent surge in price has allowed SHIB to break through most of the resistance points that were previously hindering its progress. From late February to early March, SHIB saw a significant price increase of 379%, outperforming the general market and becoming one of the top gainers. Despite facing resistance at the $0.000045 level and dropping below the psychological threshold of $0.00004, SHIB continues to maintain an uptrend, with a notable 114% gain over the past seven days.
Shiba Inu has successfully breached most of the previously formidable resistance levels set by bears. According to blockchain analytics resource IntoTheBlock (ITB), SHIB managed to overcome its most pivotal resistance point, which ranged between $0.000008 and $0.000014. This level saw a large volume of purchases, with 444,570 addresses acquiring 262.57 trillion SHIB. The average purchase price was $0.000010, implying that this sell wall was a major obstacle preventing SHIB from reclaiming and sustaining the $0.00001 level. However, with the recent rally, SHIB was able to break through this resistance and reach $0.00003.
Currently, Shiba Inu faces three sell walls on its path to reaching $0.00008845, its all-time high. However, these sell walls are weaker compared to the ones SHIB has already surpassed. The first wall is between $0.000039 and $0.000046, with 29,780 addresses purchasing 3.52 trillion SHIB. The second wall exists within the $0.000046 to $0.000057 range, while the third wall has an average price of $0.000067 and a maximum of $0.000131. It is likely that SHIB will be able to break through these walls as it resumes its upward momentum, particularly once it surpasses the wall between $0.000039 and $0.000046. This breakthrough could potentially lead SHIB to reach a price of $0.0001.
In addition, chart data indicates that Shiba Inu has formed a bullish pennant structure on its daily chart, suggesting the potential for an uptrend. The pole of the pennant was created when SHIB reached its recent high of $0.00004563, while the flag formation occurred during the subsequent decline and consolidation. Moving forward, SHIB aims to leverage the next market uptrend, which may be initiated by Bitcoin surpassing $70,000 and breaking the upper trendline of the flag formation. If this occurs, SHIB could finally overcome the remaining sell walls. Currently, SHIB is trading at $0.00003562.