Shiba Inu Breaks Resistance Levels: What’s Next for the Meme Coin?

• Shiba Inu has broken through significant resistance levels, reaching an all-time high of $0.00008845.
• During a remarkable rally from late February to early March, SHIB surged by an astronomical 379%.
• The formation of a bullish pennant suggests that SHIB may overcome sell walls and continue its upward trajectory.

Shiba Inu (SHIB) has recently experienced a surge in value, breaking through multiple resistance levels to achieve an all-time high of $0.00008845. 

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This impressive price increase began in late February, with SHIB skyrocketing by an astonishing 379% from $0.000009512 on February 24 to a peak of $0.00004563 on March 5. Despite facing resistance around the $0.000045 mark and briefly dropping below $0.00004, SHIB has managed to maintain its upward momentum, boasting a significant 114% gain over the past seven days.

SHIB has successfully surpassed several key resistance levels, as evidenced by data from blockchain analytics firm IntoTheBlock (ITB). Notably, SHIB overcame a significant resistance zone between $0.000008 and $0.000014, where a large volume of SHIB was held by over 444,570 addresses. This accumulation created a substantial sell wall, preventing SHIB from surpassing the $0.00001 mark.

This recent rally marks a departure from SHIB’s previous trading patterns, where it often traded between $0.000007 and $0.00001 throughout 2023. However, the momentum gained since late February has propelled SHIB past these historical barriers, leading to a rapid climb to $0.00003.

Currently, SHIB is facing three sell walls on its path to reclaiming its all-time high. While these barriers remain, they are considered weaker compared to those encountered earlier. The first wall, ranging from $0.000039 to $0.000046, has seen 29,780 addresses acquiring 3.52 trillion SHIB. Furthermore, chart analysis suggests the formation of a bullish pennant structure, indicating potential further upward movement.

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