According to the most recent data from IntoTheBlock, Shiba Inu is at the point where things might turn around, as the asset lingers at the 539 trillion SHIB on-chain resistance level. This level, which includes 132,610 addresses and an average price of $0.000017, is serving as a stronghold of selling pressure as shown by the thick red bands on the In/Out of the Money charts. The bullish argument is also not supported technically by the SHIB daily price chart.
SHIB was knocked back to $0.0000142 after making a strong attempt to regain the $0.000015 level. At this point it is teasing the important short-term support at $0.0000140. While the 100 and 200-day EMAs are still firmly above the market preventing any sustained breakout attempts, the 50-day EMA (green) has flattened.
SHIB/USDT Chart by TradingView
Momentum is evaporating as the RSI struggles around the neutral 50 level. This is supported by volume data, which shows waning buy-side fervor even as SHIB tests important support. In summary, the chart displays a classic example of bullish fatigue. What is the significance of this 539 trillion SHIB level then?
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This resistance cluster is a battlefield of market psychology rather than merely a collection of idle bag holders. Since many of these addresses are probably waiting for an opportunity to break even, any rally into the $0.000015-$0.000017 zone is probably going to encounter strong sell pressure as these trapped holders sell. It is a formidable barrier for SHIB to overcome because of this.
The $0.0000140 support is essential for bulls to hold. Anticipate a decline to $0.0000135 and possibly $0.0000120 if it breaks, wiping out the gains from the May bounce. The psychological level of $0.000018 would be the next target if SHIB could absorb the selling at the 539 trillion resistance and flip it. SHIB is currently at a crossroads: Either hold up against the 539 trillion sell wall and rise or watch as the last wave of buyers pulls the rug out from under it.