Shiba Inu presents an interesting price action as it appears to be crossing a descending upper trendline that it has been trading below since the first week of March. Currently, SHIB is up 10% over the past seven days and is at a decisive crossroads of a breakout that could lead to strong bullish action. Failure to exhibit a strong breakout could lead to a reversal into bearish action.
However, although SHIB appears ideal for a breakout, the data shows that there are still several resistance levels to overcome. Notably, on-chain data from IntoTheBlock (ITB) reveals several address walls between the current price and $0.000139.
Shiba Inu looking to surpass $0.0001
At the time of writing, SHIB is trading at $0.00002494. Recent price action over the past 24 hours indicates that the the bulls are watching now to push the cryptocurrency above the $0.000025 price level. This indicates that many investors are still bullish on SHIB.
According to ITB data, approximately 62,700 addresses have purchased 69.97 trillion SHIB at this point at an average price of $0.000025. Even though SHIB will eventually break through, there are still five walls of resistance to overcome to reach a new all-time high. These price barriers consist of a series of addresses that could trigger sales immediately after the break-even point.
Interestingly, there are approximately 454,160 addresses between the current Shiba Inu price and the current all-time high of $0.00008845. The first major resistance is at the average price of $0.000028, where 98,230 addresses hold approximately 40.17 trillion SHIB tokens. This range of addresses purchased at a maximum price of $0.00003 and SHIB is expected to surpass this price before the next resistance.
After surpassing this maximum price, Shiba Inu would face another resistance at around $0.000033, where 143,280 addresses hold 21.3 trillion SHIB tokens. Shiba Inu is expected to break one more barrier at an average price of $0.000040. There are only 57,180 pending addresses here with a maximum and minimum price of $0.000036 and $0.000044 respectively.
However, this level represents a major psychological hurdle, as SHIB has yet to make a strong break above $0.000040 this year. A rally so far could lead to a short-term consolidation because many traders sell and take profits. At the same time, this could also lead to an increase in accumulation, which could result in a stronger bullish sentiment.
The path to $0.000139 includes two more resistance levels with 62,340 and 92,530 addresses holding volumes of 33 trillion SHIB and 29.73 trillion SHIB, respectively.
On the other hand, Shiba Inu will need to defend its current support at $0.000022 in the near term.
Chart from Tradingview.com
