Shiba Inu (SHIB) experienced increased price volatility over the past 24 hours, dropping below the $0.0000128 support level. Data from IntoTheBlock reveals a substantial sell wall has emerged, potentially driving the recent price decline. This sell wall ranges between $0.000012 and $0.000013, with the average sell price locked at $0.000013. At this level, approximately 35.27 trillion SHIB tokens sit “At the Money,” meaning holders are neither profiting nor losing on their positions.
Currently, over 56,900 SHIB addresses are part of this sell wall. These holders must now decide whether to sell their holdings or wait for a potential price breakout. If they opt to sell, downward pressure could intensify, creating bearish momentum. However, if holders choose to resist selling at break-even or minimal profit, SHIB could enter a consolidation phase.
Source: IntoTheBlock
Resistance Zone Could Delay Breakout
The $0.000013 price level stands as a significant resistance point. If SHIB fails to surpass this level, it may remain trapped within a narrow range. Still, ecosystem activity may motivate investors to hold their tokens. If holders believe in SHIB’s long-term potential, they might choose to reduce selling pressure and support a rally.
Source: TradingView
Shiba Inu Poised to Shed a Zero as Historical May Rally Sparks Bullish Momentum. SHIB trades at $0.00001268 at the time of writing, marking a 2% drop in the last 24 hours.
Related article: Shiba Inu Poised to Shed a Zero as Historical May Rally Sparks Bullish Momentum
In contrast, SHIB’s trading volume has increased by 4.09%, reaching $127.94 million, indicating active market participation despite the dip. This uptick suggests that investors remain engaged and may be positioning themselves for a potential breakout.
SHIB Enters Critical Consolidation Zone
The current market conditions place SHIB in a pivotal consolidation zone. A decisive move above $0.000013 could reverse market sentiment. If buyers accumulate and hold instead of selling, SHIB may escape the resistance and rally further.
Related article: SHIB Burn Rate Skyrockets 300% as 327 Million Tokens Destroyed
This move could also help SHIB reclaim market cap rankings, potentially overtaking Toncoin. SHIB stands at a critical juncture.
Market behaviour in the coming days—whether sellers overpower the buy-side or accumulation prevails—will determine whether Shiba Inu breaks through resistance or remains trapped below the sell wall.
