Shiba Inu (SHIB) is facing a massive supply wall in its fight to return to early December highs.
The crypto market continues to experience a bearish phase with asset prices continually declining. Amid this adverse market situation, Shiba Inu (SHIB) is one of the biggest victims as it has plunged more than 37% since its peak in early December.
Despite the prevailing bear market, Shiba Inu seems to be clearly holding its own the price of $0.00002 Area but it has not succeeded in crossing this region. As SHIB attempted to reclaim $0.000025 on Christmas Day, it encountered stiff resistance.
Smaller SHIB utility wall
As bears remain in control, IntoTheBlock data identifies a major sell wall that has served as resistance to Shiba Inu’s rally.
In particularSHIB faces two major supply walls before the coveted $0.00003 price area. The first wall is relative smaller, but still poses a threat. This range is between $0.000023 and $0.000024, with 42,310 addresses purchasing 60.44 trillion tokens.
Shiba Inu witnessed the hurdle of this supply wall as it attempted to consolidate a break into the $0.000024 region on Christmas Day. The resistance led to a pullback that triggered a decline of over 8% by Boxing Day, December 26th.
Biggest sell wall stopping Shiba Inu from reaching $0.00003
Meanwhile, beyond the sell limit of $0.000023 to $0.000024, the meme coin is facing intense conflict between $0.000024 and $0.000030. Notably, within this price range, the data shows that around 208,010 addresses raised 70.35 trillion SHIB.
Due to the sheer number of addresses and enormous volume in this region…
