Popular meme coin Shiba Inu (SHIB) has seen renewed interest in recent weeks, with the price spiking 20% over the past week alone. As noted by Twitter user @ali_charts (Ali), SHIB has climbed 55% across the last three months even while staying relatively quiet during the recent overall altcoin rally.
However, Ali cautions that a key test lies ahead for the SHIB token. Nearly 90,000 addresses hold over 422 trillion SHIB at $0.000016,” he comments. This price level represents a zone of major resistance where a significant amount of selling pressure exists. With SHIB presently trading around $0.0000102, it would require a more than 50% price increase to challenge this resistance.
Breaking this barrier could signal strong momentum ahead for the meme coin and open the door for additional gains. However, failing to push past it could result in SHIB encountering selling pressure and stagnating under this level. The coming days and weeks should determine whether bullish sentiment is enough to propel SHIB out of its recent ranges.
Meme Coin Seeing Renewed Hype
Between the 20% weekly gains and 55% three-month climb, there are signs SHIB is riding higher on renewed hype and speculation. However, the meme coin has yet to seriously test the major selling wall around $0.000016 where nearly 90,000 addresses are waiting with over 422 trillion SHIB.
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Major Resistance Presents Challenge
This massive stash of tokens presents a formidable resistance level SHIB will need to best in order to continue its ascent. If the rally stalls under $0.000016, the pullback could be significant given the amount of selling orders stacked there. Bulls will hope rising interest pushes the meme coin through this barrier to open the door to catch further tailwinds. The months ahead will determine if buyers can regain meaningful control of momentum.
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