Shiba Inu Faces Resistance From 24 Trillion Tokens: Can SHIB Overcome the Obstacles?

Shiba Inu (SHIB) faces key resistance level as it attempts to sustain its recent bullish momentum. While Shiba Inu enjoys a wave of bull sentiment, a major roadblock awaits. But what is causing this resistance and how can SHIB overcome it? Our in-depth analysis explores the key factors impacting SHIB's price action.

One major hurdle is the significant amount of SHIB tokens hovering just above the current price. According to on-chain data, SHIB is confronting a resistance wall of nearly 533 trillion tokens. Specifically, Over 22.7 trillion SHIB tokens sit above current price, creating massive sell pressure ahead.

This resistance stems from various sources, including holders looking to take profit after SHIB climbed 11% in a week, but faces key resistance just below the threshold. An influx of over 2 trillion SHIB tokens and a descending triangle pattern signaled potential bearish trends. This accumulation creates significant sell pressure whenever SHIB attempts to push higher. SHIB faces resistance at $0, but breaching over it might open the door to $0 and ultimately higher targets.

The token recently attempted to push through the 200 Exponential Moving Average (EMA), further highlighting the challenges it faces. Overcoming these hurdles will be crucial for SHIB to continue its upward trajectory. On-chain analysis from IntoTheBlock shows more than 22.7 trillion SHIB are contributing to this key resistance.

Shiba Inu (SHIB) plunged 6.96%, further illustrating the impact of this persistent resistance. Will SHIB break through, or will the 24 trillion token wall prove too strong? Stay tuned for our latest updates and analysis on Shiba Inu's price movements.

In conclusion, Shiba Inu's journey upward is currently being tested by strong resistance levels. Monitoring on-chain data and key price indicators will be crucial to understanding if SHIB can overcome these challenges and reach new heights.