Shiba Inu (SHIB) is fighting to reclaim higher ground, but new on-chain data reveals it still faces multiple layers of resistance before it can break through to its previous yearly highs.
SHIB Climbs with the Market but Lags Behind Its Yearly Peak
Last week, the broader crypto market saw a notable rebound, and Shiba Inu joined the rally. The meme token surged more than 19% between July 8 and July 11, jumping from $0.000011 to a seven-week high of $0.00001386 before giving up some of those gains.
Interestingly, while SHIB’s initial rally coincided with Bitcoin’s (BTC) explosive run to a record $118,000, SHIB actually outperformed BTC in percentage terms. Bitcoin climbed about 9% during that move, while SHIB’s gains nearly doubled that figure.
However, the Bulls struggled to maintain momentum. As Bitcoin pushed to a fresh all-time high of $123,200 this week, Shiba Inu only managed to post a high of $0.00001415, still below its local peak of $0.000017 from early May.
Cluster of Sellers Between $0.000013 and $0.000014
According to recent on-chain data, SHIB’s first real obstacle sits in the $0.000013 to $0.000014 range. Roughly 43,080 addresses hold a combined 25.19 trillion tokens bought within this zone.
When the price revisits this level, many of these holders may rush to sell at break-even or for a slight profit, adding extra selling pressure right when the bulls need momentum. Overcoming this range will be key to pushing SHIB higher.
A Larger Supply Wall Awaits at $0.000014 to $0.000019
If Shiba Inu breaks above the first hurdle, the next cluster of resistance sits between $0.000014 and $0.000019. At this level, 134,960 wallets acquired a massive 175.77 trillion SHIB. This group represents the second-largest supply wall, and if the price reaches this point, similar profit-taking behaviour could stall any further rally.
Beyond that, SHIB faces two more critical supply zones. Between $0.000019 and $0.000024, about 185,560 addresses hold 30.95 trillion tokens. This range could generate heavy resistance as more holders look to sell at a profit.
The final significant barrier lies between $0.000029 and $0.000035. This last roadblock must be cleared for Shiba Inu to revisit the $0.000035 region, a level it last reached during the meme coin boom of March 2024, when SHIB soared to an impressive peak of $0.00004563.
After $0.000035: An Easier Path Ahead?
The encouraging news for SHIB holders is that if the price can push beyond $0.000035, the path to its all-time high of $0.000088 may become easier to navigate. Beyond that point, on-chain data suggests fewer large clusters of resistance, meaning the market could move more freely with enough momentum.
Related article: Shiba Inu Ecosystem Tokens Surge as Bitcoin Hits $123K and SHIB Reclaims $0.00001380 Amid “Jul-AI” Hype
While Shiba Inu continues to ride the tailwinds of Bitcoin’s record-breaking run, these supply zones reveal just how much work remains for the meme token to revisit its March levels. For the rally to continue, bulls must overcome each of these resistance clusters step by step, a process that could decide whether SHIB can reclaim its spot as one of the standout performers in this cycle.
