The price of Shiba Inu (SHIB) continues to face challenges due to the current state of the cryptocurrency market. Despite attempts to maintain an uptrend, major sales present significant obstacles for growth.
Shiba Inu Resistance Analysis
According to IntoTheBlock, there is a significant sell wall at the $0.000027 mark, consisting of 73.96 trillion SHIB, which hinders growth. At the lower level of $0.000023, a substantial amount of assets are also poised for sale.
Role of SHIB Whales
The past week has seen an increase in the number of SHIB whales. Although there has been a cooldown in large transaction activities, their influence on the market remains significant, sustaining the overall growth trend.
Impact on Future Trends
The future growth of Shiba Inu might depend on Bitcoin's price dynamics. Any attempt by Bitcoin to reach its all-time high could potentially trigger a bullish run for SHIB as well.
Amid market uncertainty, Shiba Inu investors should weigh their decisions carefully as growth potential heavily relies on broader market trends.
