Shiba Inu Surges 55% Over 3-Month Period, Faces Significant Resistance Ahead

Crypto News- Shiba Inu (SHIB) has experienced a remarkable 55% surge in the past three months, a noteworthy feat despite the challenging market conditions. Ali Martinez, a respected market analyst, recently highlighted a potential obstacle in SHIB’s upward trajectory, emphasizing a critical price threshold at $0.000016. Notably, around 90,000 addresses have collectively acquired an impressive 422 trillion SHIB tokens at this level, creating a substantial sell wall.

Shiba Inu Surges 55% Over 3-Month Period, Faces Significant Resistance Ahead

Ali’s insights, backed by data from IntoTheBlock, shed light on the resistance and support dynamics shaping SHIB’s journey. Despite a recent dip below $0.00001, SHIB has resiliently maintained support above $0.000009, demonstrating stability amid broader market uncertainties.

Looking ahead, Ali identifies a formidable resistance zone awaiting SHIB’s upward movement. The $0.000016 price level, marked by a concentrated accumulation of SHIB by numerous investors, poses a potential challenge. Should SHIB resume its upward trend and approach this level, holders who entered the market at $0.000016 might be inclined to sell, either realizing profits or breaking even.

This concentration of sell-offs could introduce significant selling pressure, potentially hindering SHIB’s upward momentum and creating a substantial roadblock in its price ascent. As of the latest update, SHIB has dipped below $0.00001, introducing new resistance levels on its path to overcoming the $0.000016 hurdle.

The immediate challenges include breaking resistance at $0.00001007, aligning with Fib. 0.618, followed by hurdles at $0.00001077 and $0.00001168. In the short term, SHIB must defend the $0.000009 support level to sustain momentum, currently trading at $0.00000970. The next support at $0.00000957 becomes crucial, with breaching this point potentially leading to support at $0.00000907, the last line of defense above $0.000009. As SHIB navigates these levels, the market remains watchful for signs of a resurgence and how it confronts the challenges ahead.