The cryptocurrency market has been on a path to recovery, yet several altcoins, including Shiba Inu (SHIB), have struggled to reclaim their yearly peaks. Despite Bitcoin (BTC) surging past the $71,000 mark, Shiba Inu has encountered significant hurdles due to numerous sell walls.

On June 5, Shiba Inu witnessed a notable rise, reaching a high of $0.00002633. This spike allowed SHIB to break through the crucial $0.000025 level and climb above the 50-day exponential moving average (EMA). This move generated a wave of optimism for the mid-term, fueled by Bitcoin's resurgence and a broader market uptrend.

However, the $0.000026 threshold proved to be a formidable barrier. According to data from IntoTheBlock, this level is one of the significant sell walls obstructing Shiba Inu's progress. At this specific price point, around 64,320 addresses acquired a staggering 69.74 trillion SHIB tokens. These holders tend to offload their assets whenever SHIB approaches $0.000026, thus intensifying selling pressure.

This persistent selling pressure often triggers corrections, as seen in the latest price movement. After its recent rally, Shiba Inu has retraced most of its gains and fallen below the $0.000026 mark. Currently, SHIB is attempting to maintain its position above $0.000025, aiming to use this level as a foundation for a renewed upward push when bullish sentiment returns.

For Shiba Inu to overcome this immediate sell wall, it needs to close decisively above $0.000027. However, even if it manages to achieve this, several more supply walls lie ahead on its path to $0.00006. The most substantial of these barriers, in terms of wallet addresses, involves 140,260 addresses holding 19 trillion SHIB tokens in the price range between $0.00003 and $0.000036.

The ongoing struggle highlights the challenges Shiba Inu faces despite broader market recovery trends. The constant presence of sell walls indicates that many investors are looking to liquidate their positions at specific price levels, creating significant resistance. Overcoming these obstacles will require sustained bullish momentum and potentially new catalysts that could drive increased demand for SHIB.

In summary, while the cryptocurrency market is experiencing a recovery phase, Shiba Inu's journey is fraught with significant resistance levels. The token's ability to break through these barriers will be crucial for its potential to achieve new highs and align with the overall market's upward trend.