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Shiba Inu is showing signs of strength on the charts, but it is currently up against a huge test: a wall of resistance built around the $0.000017-$0.000019 price range, which is worth 476 trillion SHIB. On-chain data shows that 46% of all SHIB holders, or more than 461 trillion tokens, are holding at break-even close to this zone, posing a significant technical and psychological barrier to additional upside.
Technically speaking, SHIB has crossed above the 200 EMA for the first time in several months, which is a bullish sign that the trend is about to reverse. This breakthrough has put the asset at a crucial point supported by robust volume and a sharp 8.9% daily candle. SHIB is currently trading inside the resistance cluster, as indicated by the price of $0.00001734.
In order to secure marginal profits or break even, many addresses are looking to leave at this point. One should not discount SHIB's performance in spite of the impending supply pressure. Following weeks of consolidation beneath the 50, 100 and 200 EMAs, the tokens breakout indicates a change in sentiment. Given that the RSI is currently hovering close to overbought territory at 71.80, indicating strong buyer interest, it is evident that momentum is on the side of bulls.
SHIB's future depends on its capacity to withstand sell pressure in the $0.000017-$0.000019 range. The door is open for a lengthy rally toward $0.000024 and beyond if bulls can break through this barrier. A further decline to $0.000015 or even $0.0000145, where support levels are probably going to hold, could occur if the above is not broken.
In summary, Shiba Inu's ability to end the impasse at this historically strong resistance cluster will determine its next course of action. There is no doubt about it: SHIB's breakthrough moment has arrived, and the battle lines have been drawn.
Vladislav Sopov