Shiba Inu Price Coils Near Resistance as Volume Falls Sharply

Shiba Inu (SHIB) has been trading within an ascending channel on its daily chart for months, and recent price action has it pressed against the upper boundary of that structure. The token's price is currently around $0.0000053, up about 1.16% over the past 24 hours, but volume fell sharply to $48.42 million, down 36.79% from the prior session.

The concentration of supply in a handful of wallets is another key point: the top ten holders control 82.73% of tracked supply, and whale wallets alone hold 94.78%. However, it's worth noting that the single largest wallet, holding over 412 trillion tokens, roughly 41% of total supply, is a burn or reserve address rather than an active whale.

The chart itself shows resistance building above current trading levels, with the first wall at $0.00000622, followed by stronger zones at $0.00000725 and $0.00000758. Beyond that, Fibonacci extension levels mark bigger targets: $0.00000980 at the 2.618 level, $0.00001188 at 3.618, and $0.00001410 at 4.618.