Shiba Inu (SHIB) is currently forming a triangular pattern in its price action, signaling a potential breakout that could lead to a significant upward surge. However, despite this pattern, on-chain data indicates a notable resistance level, which could hinder SHIB's price increase in the short term.

According to IntoTheBlock data, this resistance barrier is centered around an average price of $0.000027, with approximately 149,120 addresses holding a total of 109 trillion SHIB tokens.

Following a peak at $0.0000287 in late May, SHIB retraced to $0.0000237 in early June and has since been trading within a tight range of $0.000023 to $0.000026. Interestingly, this price range aligns with a significant resistance level, suggesting a notable obstacle for SHIB's bullish momentum.

This resistance is characterized by a substantial number of addresses holding SHIB within the range of $0.000025 to $0.000030, with the most critical price point being slightly below the average at $0.000027. Overcoming this resistance would require considerable buying pressure from both large investors and retail traders. Fortunately, recent days have seen increased whale activity, with one whale acquiring over 715 billion SHIB tokens in a short period.

Despite ongoing accumulation efforts by bulls, SHIB has struggled to surpass the $0.000030 threshold in the past two months. However, if it manages to break through the significant sell wall, its price could experience a rapid surge. Nevertheless, robust support exists at $0.000023, mitigating the risk of a sharp decline for SHIB.

Currently, SHIB is trading at $0.00002392, down by 5.35% in the last 24 hours, resembling a triangular formation on the price chart. Testing the lower end of the formation, SHIB could continue declining until it reaches support at $0.000023, potentially triggering a bullish reversal. Clearing the sell wall at $0.000027 would be crucial for SHIB to rally towards the key resistance level at $0.000032.