Shiba Inu price is under pressure due to a sell-off wave in the crypto market. Recent price moves highlight the significance of the $0.000010 level, which previously played a crucial role in trend reversals.
Shiba Inu Price and Key Support Zone
Shiba Inu price has fallen by 65% from its peak of $0.00003285 and is in a descending channel on the daily chart. The token experienced a 24-hour low of $0.00001082 before slightly recovering to $0.00001163. This suggests continued interest near this support level.
Furthermore, the Relative Strength Index (RSI) is divergent, indicating a potential trend reversal in the near future. Despite the price reduction, the RSI remains above the oversold zone, implying that selling pressure is waning.
On-Chain Indicators: Resistance and Supply Zone
According to the IntoTheBlock data, SHIB price sits within a strong support area of $0.000008 to $0.000011, where 41.12 trillion SHIB tokens are held in 198,000 wallets. Historically, this accumulation zone has provided firm support, preventing further decline.
On the resistance side, there are several levels that may influence a trend reversal. The first significant area is $0.000012 to $0.000014, containing 25.66 trillion SHIB tokens in 60,000 wallets. However, if SHIB surpasses $0.000012 to $0.000014, the next key resistance lies between $0.000014 and $0.000019.
Shiba Inu Price Targets and Breakout Scenarios
The Pivot Level Indicator provides essential levels that will dictate SHIB price movements. The recent price surge was witnessed slightly above the S-1 Pivot Support Level at $0.00001061. If the current momentum is maintained, SHIB price may test the upper boundary of the falling channel at around $0.000013.
This breakout could see SHIB price rise further towards the central pivot point at $0.00001493. If the upward momentum continues, Shiba Inu price may try to climb higher towards resistance at $0.000019. However, if selling pressure increases, the selloff could continue, extending the consolidation phase.
Shiba Inu is in the spotlight among crypto investors as a potential breakout could lead to a price increase, but increased selling pressure might keep it within the current range. Future SHIB movements will be determined by the balance of buying and selling forces.
