Shiba Inu (SHIB) Is Stuck: What's Happening Between 50 and 6 Trillion?
2024-11-17

Technically and on-chain Shiba Inu is currently in a difficult position as it struggles between important support and resistance levels. SHIB has had difficulty sustaining its recent upward momentum following a noteworthy rally on the price chart. The asset now looks trapped between $0.000021 and $0.000026 despite the spike in trading volumes as on-chain data shows a significant resistance overhead.
A fascinating address distribution is revealed by the on-chain data. Between $0.000024 and $0.000028, about 126,000 addresses are out of the money, which makes it extremely difficult for SHIB to gain traction. The current support at $0.000021 on the other hand corresponds to the 81,000 addresses that are still in the money. Because breaking either side could determine SHIB's future, this puts traders in a high-stakes battle zone.SHIBUSDT Chart by TradingView">
SHIB's daily price chart displays consolidation close to its 50-day moving average following a strong rally that left its RSI marginally overextended. If the price encounters additional downward pressure, the 100 EMA and the current support zone of $0.000021 could act as a buffer. In the meantime, since $0.000026 is accompanied by powerful on-chain resistance clusters, breaking above this level would be essential for SHIB to regain bullish momentum.
SHIB may consolidate further and allow indicators like the RSI to cool down if it holds its support at $0.000021. A subsequent breakout attempt toward $0.000026 and higher would be facilitated by this. Failure to maintain this support, however, might cause a decline toward $0.000018, wiping out a large portion of the gains from the most recent rally. For SHIB, the available data presents a conflicting image.
The asset has the potential to continue rising, but obstacles could come from waning momentum and resistance around $0.000026. To predict SHIB's next move in this extremely volatile market environment, investors will need to keep a close eye on both technical and on-chain developments.