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Shiba Inu has failed to break an important resistance level on the market, not even reaching the resistance point. As the most recent price move of SHIB shows, the 26 EMA remains the first and strongest resistance point for the market.
That the 468 trillion SHIB profitability level has now become a potent resistance zone is confirmed by the unsuccessful attempt to push higher. Previously, the 468 trillion SHIB level was a critical area where a sizable portion of investors were still making money, according to on-chain data analysis. The recent price rejection, however, has turned this level into a barrier, making it more challenging for SHIB to resume its upward trajectory.
The Global In/Out of the Money metric indicates that many SHIB holders are currently out of the money, which means they are holding their positions at a loss. It also indicates that bullish conviction is waning because this level has not been regained. In the absence of significant buying pressure, SHIB is probably going to have trouble recovering its prior support levels. If market sentiment does not improve, this could result in a protracted period of consolidation or even more declines.
Godfrey BenjaminAccording to the technical chart, SHIB has continuously been rejected below important moving averages, particularly the 26 EMA. The fact that this moving average cannot be recovered indicates that downward pressure is still in control.
It is possible that SHIB will continue to decline toward $0.000015 or even lower if it is unable to maintain above its recent support at $0.000016. On the other hand, a break above the 26 EMA might rekindle bullish sentiment, though that scenario appears improbable given the state of the market. Regaining important resistance levels and establishing strong support are necessary for SHIB to regain strength.
Traders should keep an eye on the 468 trillion SHIB profitability level as it turns into resistance. SHIB may spark fresh bullish momentum if it is able to break through. On the other hand, sustained downward pressure might result from further failure at this level. All things considered, SHIB's failure to overcome this resistance underscores continued market hesitancy and investor prudence.
Dan Burgin
Vladislav Sopov