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Technically and on-chain Shiba Inu is currently in a difficult position as it struggles between important support and resistance levels. SHIB has struggled to maintain its recent bullish momentum following a notable rise in the price chart. The asset now appears stuck between $0.000021 and $0.000026 despite rising trading volumes as on-chain data shows significant resistance. air.
A fascinating address distribution is revealed by on-chain data. Between $0.000024 and $0.000028, approximately 126,000 addresses are out-of-the-money, making it extremely difficult for SHIB to gain traction. The current support at $0.000021, however, corresponds to the 81,000 addresses still in the money. Because breaking either camp could determine the future of SHIB, it puts traders in a high-stakes battle zone.
SHIB’s daily price chart shows consolidation near its 50-day moving average following a strong rally that left its RSI slightly exceeded. If the price sees further downward pressure, the 100 EMA and the current support area of $0.000021 could act as a buffer. Meanwhile, given that $0.000026 is accompanied by strong on-chain resistance clusters, breaking above this level would be essential for SHIB to regain bullish momentum.
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SHIB could consolidate further and allow indicators such as the RSI to cool if it holds its support at $0.000021. A subsequent breakout attempt towards $0.000026 and above would be facilitated. However, failure to hold this support could result in a decline towards $0.000018, erasing much of the gains from the most recent rally. For SHIBthe available data present a contradictory picture.
The asset has the potential to continue rising, but obstacles could come from a decline in momentum and resistance around $0.000026. To predict SHIB’s next move in this extremely volatile market environment, investors will need to keep a close eye on technical and on-chain developments.