SHIB nears $0.000019 sell wall as 516T tokens face breakeven pressure from 116K holders.
Daily SHIB burns surge past 15.82M tokens, boosting momentum and reducing circulating supply.
Break above $0.000019 may lead SHIB to the next resistance zone near $0.000022 held by 136K wallets.
Shiba Inu (SHIB) has gained attention after a sharp increase in token burns and a strong price rally. The price is approaching a critical sell wall between $0.000016 and $0.000019. If SHIB breaks through this level with momentum, the next resistance zone is located near $0.000022, which could open further price movement.
SHIB Approaches Key Sell Zone as Burn Activity Increases
Shiba Inu’s price recently surged by over 19% in one week and is now nearing a major resistance area. According to data from IntoTheBlock, about 516.12 trillion SHIB were purchased between $0.000016 and $0.000019.
These tokens are held by 116,430 addresses, which could lead to selling pressure as SHIB enters this range. Many of these holders may choose to sell once prices hit their break-even levels.
https://twitter.com/CW8900/status/1921208873299456233
This behavior could form a temporary price ceiling. Meanwhile, the SHIB burn rate has increased sharply. Shibburn reported that over 15.82 million tokens were removed from circulation in 24 hours. This growing reduction in supply adds to current buying momentum.
Resistance at $0.000019 May Decide Next Price Direction
If SHIB maintains its current pace and breaks above the $0.000019 level, additional upside could follow. According to analysis prepared by Javon Marks, a move beyond the resistance could drive prices toward the next key zone near $0.000022. This area includes holdings of 178 trillion SHIB spread across 136,000 addresses.
Technical charts also show bullish signals. The Relative Strength Index (RSI) is above 70, indicating strong momentum. However, it also signals possible short-term exhaustion. Despite that, the MACD indicator supports continued price growth, showing a bullish crossover and rising histogram bars.
SHIB has broken past its 50-day moving average and is approaching the 200-day SMA near $0.00001835. This confirms the growing buyer interest. If SHIB crosses the current sell wall, more buyers could enter the market, pushing it toward the next level.
The post SHIB Nears $0.000019 Sell Wall as Burns Surge and Buyers Gain Momentum appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
