Shiba Inu (SHIB), a cryptocurrency with a dog motif, is getting close to a crucial barrier level where a staggering 422 trillion SHIB are now held. This significant supply wall has raised concerns about the token’s possible future course.
As of this writing, SHIB was up just 0.77% over the previous day to $0.000017.
Data from IntoTheBlock indicates that there is a significant barrier next to the current Shiba Inu pricing, with 35,600 Shiba Inu addresses holding 422.85 trillion SHIB between $0.000018 and $0.000019.
A major obstacle that might limit SHIB’s potential for additional short-term growth is this 422 trillion SHIB barrier level.
Since many of these addresses will attempt to sell whenever the market price reaches their average cost and break-even point for their positions, the massive volume of SHIB owned may result in heavy selling pressure in the $0.000018 to $0.000019 region. This will act as a degree of resistance to additional price rises within this range.
What’s next for Shiba Inu price?
The price trend of Shiba Inu is mostly determined by its ability to overcome this significant 422 trillion SHIB wall. In order to overcome this major obstacle, Shiba Inu bulls must work to generate new momentum and adequate purchasing demand.
Shiba Inu might open new price levels if it is effective, but traders may need to exercise patience as the token deals with this significant supply restriction.
Rekindling interest in purchasing SHIB and pushing prices over resistance levels might be achieved by a rebound in the larger cryptocurrency market, particularly in the meme coin space.
The price of Shiba Inu is technically trapped between its daily moving averages of 50 and 200, or $0.0000164 and $0.0000186, respectively. Shiba Inu’s next short-term move may be indicated by a break in either direction.
SHIB may aim for $0.0000216 before $0.0000263 if it makes an upward breakout. However, SHIB may leave its current trading range and revert to the lower portion of its wider range, with support around $0.000012, if it breaks below the daily SMA 50.
