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Shiba Inu (SHIB) price is struggling to maintain the uptrend as Bitcoin remains stalled below the $100,000 level. Shiba Inu price was fixed at $0.00002172, down 1.39% in 24 hours, per CoinMarketCap.
Current data shows mixed enthusiasm in the SHIB ecosystem, with trading volume down 21.39% and High burning rate By 404% overnight. Amid this uncertainty, the major selling wall is an obstacle to SHIB's growth.
Shiba Inu resistance to watching
According to According to data from IntoTheBlock, a total of 73.96 trillion Shiba Inu are facing a huge sell wall around the $0.000027 price tag. It is worth noting that this level threatens the continued rise of the meme coin, as breaching the smaller level of $0.000023 remains daunting.
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At this latest level, 36,810 addresses have bought $56.62 trillion worth of SHIB, most of which may be sold if the price reclaims the $0.000023 mark. If SHIB investors resist the temptation to liquidate amid market uncertainty, the $0.000027 level could significantly hinder growth.
Whether or not the token will chart ambitious growth beyond this price level depends on the price of Bitcoin. If the large coin attempts to reclaim a new all-time high (ATH) above $108,000, the ripple effect of the hype could also lead to an uptrend for the Shiba Inu.
Can SHIB whales match?
During the past week, the number of SHIB whales Which appeared or intensified its activities increased. Despite the current lull in large transaction activities, whales have played an important role in maintaining SHIB's growth momentum.
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What makes digital currency attractive is quite clear. The price of the Shiba Inu is deeply discounted, creating a rare positive long-term trade setup. If the broader SHIB community and over 213 HODLing titles at the $0.000027 level fail to sell, the SHIB price could reach the $0.00003 mark in the short term.
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