Shiba Inu (SHIB) has experienced a significant surge of 55% over the span of three months. However, there is a major resistance level at the $0.000016 price threshold, where nearly 90,000 addresses have purchased a massive 422 trillion SHIB tokens. This information was highlighted by market analyst Ali Martinez, who shared data from IntoTheBlock, a market intelligence resource, to explain the potential resistance and support levels that SHIB may encounter based on accumulation trends.
Although SHiba Inu has dropped below the $0.00001 threshold since the report, the downturn can be attributed to the overall collapse in the market. Despite this collapse, SHIB has managed to hold above the $0.000009 support level.
According to Ali, the next key resistance area that Shiba Inu could face is the $0.000016 price territory. IntoTheBlock data indicates that a considerable supply wall has formed at this level, with 89,330 addresses having bought 422.8 trillion SHIB tokens. The concentration of holders at this price level creates the potential for a significant number of sell-offs if SHIB continues its uptrend, as investors may choose to sell their holdings to realize profits or break even.
This concentration of selling pressure poses a threat to Shiba Inu’s upward momentum and may result in a roadblock in its uptrend. Currently, Shiba Inu has dropped below $0.00001 and needs to break above new resistance levels, such as $0.00001007, $0.00001077, and $0.00001168, before reaching the $0.000016 roadblock. In the short term, SHIB needs to defend the $0.000009 support level to maintain its momentum for the next market resurgence.
Overall, while Shiba Inu has experienced significant gains, it faces a major resistance level at $0.000016 due to a concentrated number of holders at this price level. This could potentially hinder its uptrend if selling pressure mounts.