Shiba Inu (SHIB) price is struggling to maintain an uptrend as Bitcoin remains stunted below the $100,000 mark. Shiba Inu's price is pegged at $0.00002172, down by 1.39% in 24 hours, per CoinMarketCap.
Current data shows mixed enthusiasm in the SHIB ecosystem, with trading volume nosediving by 21.39% and burn rate soaring by 404% overnight. Amid this uncertainty, a major sell wall presents an obstacle to SHIB’s growth.
Shiba Inu resistance to watch
According to data from IntoTheBlock, a total of 73.96 trillion Shiba Inu faces a huge sell wall around the $0.000027 price mark. Notably, this level threatens the ongoing rally for the meme coin, as breaching the smaller $0.000023 level remains daunting.
At this latter level, 36,810 addresses bought 56.62 trillion worth of SHIB, most of which might be sold off if the price reclaims the $0.000023 mark. If SHIB investors resist the temptation to liquidate amid market uncertainty, the $0.000027 level might greatly hinder growth.
Whether or not the token will chart ambitious growth beyond this price level hinges on Bitcoin's price. If the big coin attempts to reclaim a new all-time high (ATH) above $108,000, the ripple effect of the hype might also trigger a bullish Shiba Inu run.
Can SHIB whales match up?
Over the past week, the number of SHIB whales that surfaced or intensified their activities increased. Despite the current cool-off in large transaction activities, whales have played a significant role in sustaining SHIB’s growth momentum.
What makes the digital currency appealing is quite visible. The price of Shiba Inu is at a very low discount, creating a rare long-term positive trade setup. If the broader SHIB community and the more than 213 addresses HODLing at the $0.000027 level fail to sell, the SHIB price might touch the $0.00003 mark in the short term.
