CandleFocus

33 Trillion Shiba Inu (SHIB) Support Losing Steam: What's Happening?

Author: Content Editor
The Shiba Inu (SHIB) cryptocurrency is currently consolidating in a triangle pattern on its daily chart, indicating the possibility of a breakout in the near future. However, on-chain data raises concerns about the asset's support levels, as it appears to be weakening from its critical support in the $0.000022-$0.000023 range. The presence of significant buying activity in this range is currently keeping the price zone stable. On the other hand, there is potential selling pressure above $0.000025, with many out-of-the-money addresses dominating the resistance. This suggests that SHIB may struggle to rise without an increase in demand. If the support zone breaks, SHIB could experience a significant retracement, with the $0.000018 and $0.000019 levels potentially becoming the targets of such a decline. The future trajectory of SHIB will be influenced by volume spikes and market sentiment, making it unpredictable. The 200-day moving average and the trendline from the recent rally are important support levels in the event of a price drop. A breakout above $0.000025 could rekindle bullish momentum and target the $0.000028 resistance. However, a retracement might occur if buying momentum weakens or if there is general market weakness. Key levels to watch for clues are the $0.000022 support and the $0.000025 resistance.

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