Shiba Inu Faces Minimal Resistance on Path to $0.00008845

The latest Shiba Inu (SHIB) upsurge has broken most of the formidable resistance points, leading to the all-time high of $0.00008845, with minimal resistance left to breach.

SHIB engineered an impressive price surge from late February, surging by an astronomical 379% from $0.000009512 on Feb. 24 to a high of $0.00004563 on March 5. Amid the uptrend, the asset sealed a spot among the largest gainers, outperforming the general market.

Despite facing resistance at the $0.000045 territory and dropping below the $0.00004 psychological threshold, Shiba Inu still maintains an uptrend, with a massive 114% gain over the past seven days.

Shiba Inu Has Breached Its Most Potent Wall

Shiba Inu has now breached most of the potent resistance levels stationed by bears to keep it from reclaiming its all-time high. Blockchain analytics resource IntoTheBlock (ITB) confirms that the rally from late February to early March helped SHIB break above several roadblocks.

Data from ITB reveals that Shiba Inu’s most pivotal resistance point on the journey to the ATH sits between $0.000008 and $0.000014, where up to 444,570 addresses purchased 262.57 trillion SHIB. 

This large volume formed a massive sell wall, which prevented Shiba Inu from pushing to higher levels. The average price for these purchases is $0.000010, suggesting that the sell wall was the major reason behind SHIB’s inability to reclaim and retain the $0.00001 level.

Notably, Shiba Inu continued to flirt with the $0.00001 psychological territory throughout last year. The cryptocurrency mostly traded between $0.000007 and $0.00001 in 2023, with occasional swings and declines above and below these levels. 

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However, the latest rally, which began in late February this year, helped SHIB shatter this wall. Once the $0.00001 resistance was breached, the other roadblocks gave in, allowing Shiba Inu to hit $0.00003 in one fell sweep.

SHIB Looks to Resume Uptrend Amid Pennant Formation

Shiba Inu now faces another set of three sell walls before it can recover the ATH of $0.00008845. Nonetheless, these sell walls are rather weak compared to the ones the asset previously broke. 

The first wall is between $0.000039 and $0.000046, and 29,780 addresses purchased 3.52 trillion SHIB. Further data shows that the second wall lies in the $0.000046 to $0.000057 price range, while the third wall has an average price of $0.000067 and a maximum of $0.000131.

Interestingly, Shiba inu could easily break these walls once it resumes its upward momentum. The asset is currently seeking to push above the wall between $0.000039 and $0.000046, a move which could help it breach the next two roadblocks, leading to a $0.0001 price.

Meanwhile, chart data confirms Shiba Inu’s potential to resume its uptrend. The crypto asset has now formed a bullish pennant structure on the daily chart amid recent price movements. SHIB formed the pole when it soared to the $0.00004563 high, with the flag formation coming up amid the decline and consolidation.

Shiba Inu is now looking to leverage the next market uptrend, which could begin with a Bitcoin push above $70,000 to breach the flag’s upper trendline. Should this occur, the asset could finally break the three pending sell walls. SHIB currently trades for $0.00003562.

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• Source: https://thecryptobasic.com/2024/03/09/shiba-inu-faces-minimal-resistance-on-path-to-0-00008845/?utm_source=rss&utm_medium=rss&utm_campaign=shiba-inu-faces-minimal-resistance-on-path-to-0-00008845