Current Situation
Shiba Inu (SHIB) is currently stuck in a triangle pattern, and a breakout could lead to a significant surge. However, there’s a major obstacle in the way: a sell wall at around $0.000027.
Sell Wall Resistance
This sell wall consists of 149,120 addresses holding 109 trillion SHIB tokens. If the price of SHIB rises above $0.000027, these addresses could sell their holdings, preventing further price increases.
Whale Activity
Despite the sell wall, there has been an uptick in whale activity, with one whale recently purchasing over 715 billion SHIB. This could provide the necessary buying pressure to overcome the sell wall.
Support and Resistance
There is strong support at $0.000023, preventing a significant decline for SHIB. If the price breaks above the sell wall at $0.000027, it could surge to $0.000032.
Bullish Reversal
Currently, SHIB is testing the lower end of the triangle formation. A bullish reversal is likely to occur at the support level of $0.000023, potentially leading to a move towards the upper end of the triangle at $0.000028.
