The price movement of Shiba Inu (SHIB) has drawn notice lately as it has faced significant resistance.
A deeper look at market patterns, on-chain data, and technical indicators is necessary in light of the most recent events, which point to a stop in the SHIB surge.
According to IntoTheBlock statistics, the main price range for SHIB is between $0.000024 and $0.000026. Within this range, 63,840 addresses purchased 58.91 trillion SHIB at an average price of $0.000025.
The surge in SHIB’s price started to slow down as it got closer to the 58 trillion token mark. This level has developed into a crucial resistance area where the bullish mood began to wane.
Shiba Inu saw a three-day period of steady fall following its May 22 peak of $0.00002684. In today’s trading session, SHIB struggled to maintain above the daily SMA 50 at $0.0000245 until selling picked up again.
As of this writing, SHIB had given up its gains from the previous day, falling 0.08% to $0.00002482 in the past 24 hours.
While the precise cause of the SHIB price slowing is yet unknown, there is a chance that other variables, such as market dynamics, were involved.
The current slowdown may indicate that the market is pausing to consolidate gains and think about its next course of action. Some traders could be collecting winnings, while others might be holding out for a more certain indication before acting. Furthermore, the general mood in the cryptocurrency market is quite important since the success of individual tokens is frequently influenced by larger market trends.
It’s possible that SHIB will need to cross the 58 trillion SHIB barrier with fresh purchasing interest in order to resume its upward trajectory. To ascertain the SHIB price’s future move, it could also be necessary to keep an eye on the movements of the larger market.
A break over $0.00002684 may be required if the market picks up steam in order to determine whether a SHIB upward move is beginning. SHIB may aim for the $0.00003285 level if this occurs. In order to stop any drops in this situation, SHIB may need to maintain above the daily SMA 50 at $0.0000245.
Should SHIB fall below the daily SMA 50 threshold, $0.00002334 and $0.00002155 are anticipated to provide support.
