The recent rise in Shiba Inu's (SHIB) price has started to fade after hitting significant resistance levels, raising questions about future movements.
Resistance and Current Status of SHIB
The price of Shiba Inu surged to $0.0000154 but failed to remain above this mark, retreating to $0.00001482, representing a 1.55% decline over the past 24 hours. The 200-day moving average remains one of the toughest barriers to overcome for SHIB to continue its rally. The Relative Strength Index (RSI) is near overbought levels, suggesting a potential cooling of momentum in the short term.
Key Support Levels
SHIB is now relying on a key support level at $0.00001450, which has held through the recent pullback. Should this level break, traders may look toward $0.00001352 and $0.00001300, which previously served as resistance, now possibly acting as support during a reversal.
Future Outlook
While short-term momentum has weakened, the trading structure remains cautiously bullish as long as SHIB stays above these support levels. The intraday volatility also indicates market indecision, as sharp movements toward $0.00001540 and quick rejections highlight this uncertainty.
Analysis of the current situation with Shiba Inu indicates the need to overcome key resistance levels to send positive signals, while recent support levels may assist traders in making further decisions.
