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Shiba Inu Surges 10% as Whale Makes Mammoth Purchase

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Shiba Inu (SHIB) is joining the party as the altcoin market rallies. Notably, the meme coin has skyrocketed 10% in the last 24 hours. This SHIB surge was an effect of a whale’s reawakening from slumber, an awakening accompanied by a massive buying spree.

Sleeping Whale Stirs, Swallows Billions of Tokens

A whale that accumulated SHIB back in April 2021 has roared back to life after nearly three years of inactivity. The whale went on a buying spree, snapping up a whopping 323 billion SHIB tokens in just three hours. This massive purchase, valued at a cool $8.29 million, is a major driver of the current SHIB price surge.

Shiba Inu Price Eyes Resistance Breakout

The influx of fresh capital from the whale’s purchase propelled the SHIB price above the key 50-day exponential moving average (EMA). This movement is a technical indicator that often signals bullish momentum. Nonetheless, a significant challenge awaits SHIB at the $0.00003 price level. This level represents a major sell wall, where a large number of addresses hold SHIB purchased around this price point. These holders are likely waiting for an opportunity to break even. Also, they could create significant selling pressure if the price approaches $0.00003.

Read Also: Shiba Inu Eyes Bullish Run: Technical Indicators Flash Green

Breaking Through the Wall: A Crucial Hurdle

Overcoming this resistance zone will be critical for SHIB to maintain its uptrend. Toppling this barrier will require a renewed buying wave to counter the potential selling pressure from holders looking to cash out. Thus, retail investors and other large buyers need to intervene to absorb the sell-off and push the price above $0.00003.

The Road Ahead: Can SHIB Overcome the Sell Wall?

Although, the whale’s purchase and the price crossing the 50-day EMA are positive signs, a sustained breakout above $0.00003 hinges on overcoming the significant sell wall. Only a resurgence in buying pressure can propel SHIB past this obstacle and extend its current rally. Therefore, it is up to major players like retail investors and other large buyers to create this buying pressure

Moreover, analysts will be closely watching the price action around the $0.00003 resistance zone. If SHIB can decisively break through this level, it could signal a continuation of the uptrend. If the sell wall proves impregnable and the price falls back below the 50-day EMA, it could indicate a short-lived rally. Similarly, it might mean a potential return to previous price levels.

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