Shiba Inu (SHIB) could break above some of its major resistance points if it can overcome a pivotal 290 trillion SHIB supply wall at the $0.00001 price.
Data from the blockchain analytical resource IntoTheBlock reveals this important supply wall at an average price of $0.00001. Notably, IntoTheBlock data suggests that up to 416.75K addresses purchased 290 trillion SHIB between $0.000008 and $0.000014.
The cumulative SHIB tokens purchased at this range are currently worth $2.079 billion against prevailing rates. The data further reveals that the average purchase price stands at $0.000010.
At Shiba Inu’s current price of $0.00000717, these addresses are currently facing losses on their SHIB holdings. As a result, market watchers have identified a massive supply wall stationed at this price range.
This supply wall contains multiple resistance points that have inhibited Shiba Inu’s moves to seal a position above $0.000010.
This bearish turn of events is because the 416.75K addresses who purchased SHIB at this price would look to sell off their tokens once Shiba Inu hits this territory. The increased sell-offs contribute to selling pressure, hedging against further price increases.
Interestingly, data from IntoTheBlock shows that Shiba Inu also faces several supply walls up to the $0.000068 price point. However, the most potent supply wall is the one stationed at $0.000010.
As a result, market watchers have posited that the asset could skyrocket to massive heights once it overcomes the supply wall at $0.000010. SHIB could easily break through the other supply walls, securing a smooth sail to the $0.000068 territory.
The last time Shiba Inu saw this price zone was in November 2021, amid the price collapse that saw it drop to a low of $0.00000712 seven months later. Since falling below $0.000068, SHIB’s closest attempt to reclaim this price was in February this year when it hit $0.00001590.
Shiba Inu is trading for $0.00000717 as of press time, down 3.91% in the last 24 hours. The asset has printed nine losing sessions over the past 12 days as it breaks below the $0.000008 zone.
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