Shiba Inu Faces 79 Trillion Token Hurdle as Price Rally Tests Resistance
SHIB surges 11% in a week, but faces key resistance at $0.000013 where 79 trillion tokens were previously bought.
Shiba Inu (SHIB), the popular meme-based cryptocurrency, has seen an 11% price surge over the past seven days, reigniting trader enthusiasm. Since bottoming out at $0.00001106 on June 27, SHIB has logged two consecutive daily gains and is currently trading at $0.00001159, according to the latest market data.
However, technical resistance looms large. Blockchain analytics firm IntoTheBlock reports that approximately 79.67 trillion SHIB tokens were acquired by 103,860 addresses at an average price of $0.000013. This dense token concentration between $0.000012 and $0.000014 forms a significant supply wall—one that could cap further price advances unless supported by strong buying momentum.
These resistance clusters, often referred to as "In/Out of the Money" zones, indicate where large volumes of tokens changed hands in the past. When prices revisit these levels, holders may be tempted to exit positions, placing downward pressure on the asset. For SHIB to push through this barrier, it will need sustained volume and positive sentiment to overcome the weight of this legacy supply.
Should SHIB succeed in breaching this threshold, analysts anticipate the next major resistance between $0.000014 and $0.000016. This level is even more formidable, with data showing 520.61 trillion SHIB held by 168,710 addresses—further underscoring the uphill battle SHIB must wage to achieve higher price targets.
On the downside, if SHIB fails to hold above its current range, support may be found between $0.000008 and $0.000011. Here, roughly 42.3 trillion tokens were purchased by nearly 200,000 addresses, forming a historically strong base that has held firm during recent market downturns.
This new technical configuration presents both a challenge and an opportunity for Shiba Inu investors. The rally signals renewed interest, but the wall of supply at higher price levels means caution remains warranted. Whether SHIB can attract enough momentum to break through could determine its medium-term trajectory in the broader crypto market.
