Amid the ongoing recovery effort, Shiba Inu has multiple resistance roadblocks to conquer before reaching a new yearly peak.
SHIB Rallies Alongside Broader Market
Shiba Inu joined the crypto market’s resurgence last week, unleashing a nearly 20% surge. From a humble $0.000011 on July 8th, SHIB clawed its way to $0.00001386 by July 11th, marking a seven-week high before taking a breather.
Bitcoin blasted past $118,000, etching a new all-time high. While Shiba Inu didn’t quite manage a new yearly peak, it secretly stole the show. Bitcoin’s impressive surge? A mere 9%. SHIB outperformed the king, proving that sometimes, the underdog has teeth.
Supply Clusters Shiba Inu Must Breach Before $0.000035
Shiba Inu’s rally hit a wall, and onchain whispers point to massive supply fortresses guarding the path to a new yearly high of $0.000035. Five major clusters of sell orders are lurking just overhead, ready to pounce on any upward momentum.
Shiba Inu’s got its sights set higher, but a monstrous wall looms. Clear the current hurdle, and SHIB slams into a massive supply zone between $0.000014 and $0.000019 – the biggest obstacle on its path to glory. We’re talking 150,260 wallets, clutching a staggering 511.78 trillion SHIB. This isn’t just resistance; it’s a battleground.
Shiba Inu Supply Cluster | IntoTheBlock
Watch out! Whales who scooped up tokens between $0.000014 and $0.000019 are sitting on a ticking time bomb. As the price inches back to their entry point, expect a massive sell-off. They’ll likely dump their bags to break even or grab a small profit, unleashing a wave of selling pressure that could slam the price back down, especially given the sheer volume of tokens accumulated at that level.
But can the bulls smash through the $0.000014-$0.000019 barrier? If so, prepare for a showdown. A formidable wall of resistance awaits between $0.000019 and $0.000024. This isn’t just a price point; it’s a fortress. Over 134,960 wallets scooped up a staggering 175.77 trillion SHIB in this zone, creating the second-largest supply cluster.
Shiba Inu’s ascent faces a formidable gauntlet. First, a supply wall looms between $0.000024 and $0.000029, where a staggering 30.95 trillion tokens are held by 185,560 addresses. But the real test? The $0.000029 to $0.000035 range. Shatter that ceiling, and Shiba Inu could rocket to $0.000035, leaving doubters in the dust.
Shiba Inu Supply Cluster | IntoTheBlock
Remember SHIB’s explosive March 2024 run? It smashed through $0.000035 like it was nothing, peaking at a thrilling $0.00004563. Now, with that barrier behind us, the path to revisiting its $0.000088 all-time high looks surprisingly clear, with potentially weak resistance ahead.
Thanks for reading Onchain Data Shows Levels Shiba Inu Must Breach Before It Can Reclaim $0000035
