Here are Shiba Inu Supply Walls Separating SHIB from Reaching ATH of $0.00008845

At its current price, Shiba Inu faces multiple supply walls with total volume exceeding 63 trillion SHIB on the path to reclaim its all-time high price of $0.00008845.

Shiba Inu is battling to conquer the $0.000028 territory amid the push toward a full-blown recovery. Since collapsing from $0.000045 last month, SHIB has witnessed stern opposition to its attempts at a rebound as the bears continue to control the scene.

With the broader market now showing strength, Shiba Inu recently recovered $0.000028, up 22% from the $0.00002366 floor attained on March 20. Notably, Bitcoin (BTC) has already slipped into its price discovery phase after conquering the previous cycle’s peak.

Shiba Inu aims to reach this phase as well, looking to leverage the upcoming altcoin season. Nonetheless, this campaign is poised to face major resistance, as data from IntoTheBlock confirms multiple supply walls standing between Shiba Inu and its ATH.

Shiba Inu Faces 63T Sell Wall

Interestingly, Shiba Inu will need to conquer four major supply walls before it can reclaim its ATH price of $0.00008845 and push toward reaching new peaks at $0.0001. These four supply walls cumulatively contain 63.76 trillion SHIB, representing 10.8% of the circulating supply.

Further data indicates that these 63.76 trillion SHIB tokens were procured by 352,190 addresses, which represent up to 26.2% of the total addresses holding Shiba Inu tokens. The sheer magnitude of this volume suggests that SHIB has a strong opposition to breaking on its journey to greater heights.

The biggest concentration of wallets lies within the $0.000031 and $0.000036 price range, where 137,600 addresses amassed 20.96 trillion SHIB. Due to the massive resistance at this price level, Shiba Inu has failed to reclaim and conquer the $0.00003 level since its drop last month.

– Advertisement –

Its most impressive attempt occurred on March 28, when it soared to a high of $0.00003285 but experienced intense selling pressure by these addresses. Once Shiba Inu conquers the $0.000036 high, its next resistance level sits between $0.000037 and $0.000040, with a volume of 7.54 trillion SHIB.

While the third supply wall is comparatively less potent, featuring only 5.55 trillion SHIB, the last one boasts the largest volume at 29.71 trillion tokens. This last sell wall rests in the $0.000057 to $0.000139 price range, representing Shiba Inu’s last opposition to the journey toward its price discovery phase.

Investors Remain Bullish on SHIB

As it currently faces resistance below $0.00003, SHIB would need immense support from the bulls to push through. Interestingly, CryptoQuant data suggests Shiba Inu reserves on exchanges have reduced 1.41% over the last week to 153.8 trillion, indicating lower selling pressure.

Moreover, with derivatives volume up 16.89% to $229.8 million and open interest (OI) rising 5.58% to $90.2 million, investors have continued to troop to the Shiba Inu market. More remarkably, according to Coinglass, the SHIB long/short ratio currently stands at 1.0186, indicating that more investors are bullish on Shiba Inu.