Shiba Inu (SHIB) has rebounded alongside the rest of the crypto market, but there is a looming hurdle on the chart that could make or break the next major move.
According to on-chain data, 38 trillion SHIB tokens sit near the current price level, forming a resistance zone toward the $0.000013 mark. To propel SHIB higher, bulls will need to break past this supply barrier.
At the time of writing, SHIB was up 1.12% in the last 24 hours to $0.00001216, with eyes next on $0.000013; however, the journey might not be straightforward.
According to IntoTheBlock data, a significant amount of tokens were previously bought near the $0.000013 level. Between $0.000012 and $0.000013, 67,020 addresses hold 38.17 trillion SHIB at a maximum price of $0.00013.
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The significant amount holders who entered at or near $0.000013 would look to break even or secure profits, which might create selling pressure. The supply cluster at the level acts like a ceiling, where sell orders potentially overwhelm buy demand and stall any upward rally. For the rise to continue, bulls must absorb or outpace the sell-side liquidity above.
Shiba Inu charts confirm upside hurdle
SHIB has gained slight bullish momentum recently, as the broader market seemed to recover. Following Thursday’s dip, Shiba Inu rose from a low of $0.00001167 to $0.00001247 on Friday.
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The rise is seeking to sustain in early Saturday’s session, with the next immediate hurdle being the daily SMA 50 at $0.00001257. This crucial barrier has capped Shiba Inu’s price since December 2024, with bullish attempts to break it in late March thwarted.
In the coming days, a decisive break above this key barrier will be watched, with SHIB reclaiming the $0.000013 level again.
If achieved, Shiba Inu will meet its next hurdle between $0.000013 and $0.000014, where 19 trillion SHIB are held by 37,040 addresses. A massive hurdle lies in the range of $0.000014 and $0.000019, where 545 trillion SHIB are held by 161,660 addresses.
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