Shiba Inu: Onchain Data Reveals Resistance Zones Blocking the Path to $0.000035

Shiba Inu's recent rally faces hurdles. Onchain data highlights key resistance zones SHIB must break to reach $0.000035. Will buyers power through?

Shiba Inu: Onchain Data Reveals Resistance Zones Blocking the Path to $0.000035

Shiba Inu (SHIB) is showing signs of life, but onchain data reveals significant resistance zones ahead that could impact its journey back to $0.000035. Let's dive into what these levels are and what they mean for SHIB's potential.

The First Hurdle: $0.000011 - $0.000014

Currently, SHIB is trading within its first major resistance zone, between $0.000011 and $0.000014. According to onchain data, over 43,000 wallets bought around 25 trillion SHIB tokens in this range. This creates a potential sell pressure point, as many investors might look to break even or take small profits as the price revisits their entry point.

The Big Wall: $0.000014 - $0.000019

If SHIB manages to break through the current level, it faces an even larger obstacle between $0.000014 and $0.000019. This zone is loaded with over 511 trillion SHIB held by roughly 150,000 wallets. The sheer volume of tokens in this range could result in heavy selling pressure, making it the most significant resistance SHIB needs to overcome.

Further Resistance Levels

Beyond these immediate zones, there are additional levels to watch:

• $0.000019 - $0.000024: Around 135,000 wallets hold a combined 175 trillion SHIB.
• $0.000024 - $0.000029: Approximately 186,000 addresses control nearly 31 trillion tokens.
• $0.000029 - $0.000035: The final area before retesting $0.000035.

The Road to $0.000035 and Beyond

Reaching $0.000035, a price last seen in March 2024, requires significant buying power to absorb the potential sell-off at each resistance level. If SHIB can successfully push through these clusters, a move toward its all-time high of $0.000088 might face less resistance.

What Does This Mean for SHIB?

Shiba Inu's recent price recovery is a positive sign, but the onchain data paints a clear picture: SHIB has a lot of work to do. Many holders are sitting in these price zones, likely waiting to break even or cash out. For SHIB to continue its upward trajectory, buyers need to power through these resistance levels with strong volume and sustained momentum. It also may indicate a move to other meme coins or presales could give a better return in the short-term while Shiba Inu attempts to clear these resistance zones.

So, buckle up, SHIB enthusiasts! It's going to be an interesting ride. Will SHIB conquer these resistance zones and reach new heights? Only time will tell. But one thing's for sure: the meme coin market never ceases to entertain!