CandleFocus

88.9 Trillion Shiba Inu (SHIB) Sell Wall Spotted, Is This Bad?

Author: Content Editor
The article discusses the current state of Shiba Inu (SHIB), a meme coin, in the altcoin ecosystem. It mentions that SHIB is experiencing a marginal loss but is expected to remain resilient in the short-to-mid term. Data from IntoTheBlock suggests that a major sell wall exists for SHIB in the $0.00002 to $0.000024 price range, indicating potential selling pressure if the coin reaches that price level. However, the article suggests that it may take a while for SHIB to retest this price wall, providing some safety for the token. Additionally, SHIB has positive safeguards such as diverging correlation from Bitcoin's price and the evolution of its Layer-2 scaling solution, Shibarium. These factors may contribute to the token's growth and prevent significant sell-offs.

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