Shiba Inu (SHIB) has slipped 2.47% in the past 24 hours and is currently trading at $0.00001424. This price action comes as Bitcoin and Ethereum push higher, but SHIB remains under pressure below a key resistance zone.
Although SHIB saw brief rises this week, it could not maintain a level above the midline of the Bollinger Bands at $0.00001442. Price movement remains stuck between the upper resistance band at $0.00001699 and the lower band near $0.00001186.
A significant challenge is coming up for SHIB bulls, as IntoTheBlock data shows that over USD 532 trillion worth of SHIB were purchased within the price range from $0.000015 to $0.000019, making a massive wall of supply. The fact that more than 126,000 addresses are holding tokens in this zone represents a significant hurdle for a big rally.
Technical indicators reflect indecision, as the Relative Strength Index (RSI) has dropped to 49.81, suggesting weakening buying pressure. Recently, SHIB has found it challenging to gain strong moves up, and the market finishes most sessions without much momentum.
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Crucial Resistance Level Could Make or Break SHIB’s Next Move
Prices around the $0.000015 level on the daily chart are frequently rejected. Failing to overcome this resistance previously has made it a strong hurdle. Should bulls overcome the obstacle offered by the sell wall and head north, SHIB may aim for $0.00001764, a previous high earlier this month.
If the attempt to break above the 50-day Simple Moving Average is unsuccessful, the price could fall back to the 50-day rate, which is now at $0.00001327. If the price declines under this mark, support at $0.00001186 from the lower Bollinger Band becomes a possible risk.
Source: Tradingview
The Shiba Inu coin has reached a crucial point at the $0.000015 zone, where plenty of SHIB is held and could be sold for profit. A swift breakout of this level could rekindle bullish interest, but a lack of this break could lead the token to remain undecided between resistance and support.
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