Peter Smith
Shiba Inu (SHIB) just ran into a massive roadblock at $0.000013, where 518.2 trillion tokens are creating a huge supply wall. Despite this, SHIB is still up 15.94% this week and trading at $0.00001324.
Shiba Inu (SHIB) Price Rally Stalls After Three-Day Run
Shiba Inu had a pretty solid run recently, climbing for three straight days starting July 8. The meme coin peaked at $0.00001387 on Friday before pulling back a bit. Right now, SHIB is down 1.34% over the last 24 hours but still holding onto those weekly gains.
The price action looks like it's in a holding pattern, with buyers and sellers fighting it out. This kind of sideways movement usually happens before bigger moves, so things could get interesting soon.
Massive SHIB Supply Creates Tough Resistance
Here's where things get tricky for SHIB. According to IntoTheBlock data, there's a monster supply wall sitting right above current prices. We're talking about 518.2 trillion SHIB tokens that were bought between $0.000014 and $0.000019, with an average price of $0.000016. That's spread across 166,420 addresses – a lot of people waiting to break even.
This wall is basically a bunch of holders who bought higher and are probably itching to sell once they can get their money back. That's why breaking through this level won't be easy – there's likely to be heavy selling pressure once SHIB gets close to these prices.
What's Next for SHIB Price?
For SHIB to punch through that 518.2 trillion token barrier, it's going to need some serious buying power. If it can break cleanly above $0.00001387, we might see a run toward that $0.000014 to $0.000019 range. But if it gets rejected here, expect a drop back to lower support levels.
The good news is there's decent support waiting below. Around $0.000008 to $0.000013, there's another 108.16 trillion SHIB sitting as a cushion if things go south.
SHIB's been on fire this month with a 16% gain – its best performance since November. The broader crypto market's been more willing to take risks lately, which has helped meme coins like SHIB.
Technical analysts are also eyeing what looks like a double bottom pattern forming. If SHIB can break above May's high of $0.00001764, that could signal a real trend change and bring in more buyers.
Bottom line: SHIB's next big move depends on whether it can generate enough momentum to push through this massive supply wall. With crypto sentiment improving, it might just have a shot.
Peter Smith
