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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.
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?
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.
Vladislav Sopov
U.Today Editorial Team