Shiba Inu (SHIB) Price Hits Resistance — $0.000020 Proves Tough To Crack

Key Takeaways

• Shiba Inu has stayed range-bound between $0.000012 and $0.000017 over the past month despite other cryptos’ rally.
• Nearly 130,0000 addresses that accumulated SHIB between $0.000015 and $0.000019 are at a loss, forming a supply wall.
• Historical resistance and technical signals suggest that SHIB’s price could face rejection before testing $0.000020 again.

While most memecoins have been riding a wave of bullish momentum this month, Shiba Inu (SHIB) has struggled to keep up.

Despite flashing early breakout signals, SHIB’s price has remained stuck in a narrow range between $0.000012 and $0.000017 over the past 30 days.

In this analysis, CCN reveals the key factors holding the cryptocurrency back and the key levels to watch in the short term.

SHIB May Not Make a Comeback Yet

SHIB may struggle to break past the $0.000020 mark, with key data suggesting strong resistance ahead.

A major factor is the In/Out of the Money Around Price (IOMAP) indicator.

The IOMAP reveals key price levels where large clusters of addresses have previously bought tokens.

Typically, the higher the volume of tokens purchased at a lower value than the current price, the stronger the support.

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Meanwhile, if the cluster of tokens accumulated at a higher price than the current one is larger, it indicates resistance.

In SHIB’s case, IntoTheBlock shows that almost 130,000 SHIB holders who bought the token between $0.000015 and $0.000019 are sitting at a loss.

With over 530 trillion coins at this level, the asset might struggle to breach this level in the short term.

Hence, SHIB’s price might experience a pushback as holders might try to break even.

No Freedom From Bears

The daily SHIB/USD chart also supports this outlook. As seen below, SHIB’s price hit a historical supply wall at $0.000017 on May 12.

Since then, the memecoin has struggled to retest the zone. Before the latest rejection, the last time SHIB faced such a pullback was around February.

Weeks later, the Shiba Inu price slid toward $0.000010. Amid this move, the Awesome Oscillator (AO) flashed red histogram bars.

Despite having a positive reading, the AO position indicates that bullish momentum around SHIB is waning.

In addition, the Relative Strength Index (RSI) reading is hovering near the neutral line, indicating indecision among bulls and bears.

If this momentum remains the same, then the token’s market value might keep its range-bound movement between $0.000012 and $0.000017.

SHIB Price Analysis: Consolidation Continues

Zooming into the daily chart again, we noticed that the Moving Average Convergence Divergence (MACD) has dropped to the negative region. The MACD is a technical oscillator that measures momentum.

When the reading is positive, momentum is bullish, and price can increase. On the flip side, a negative reading indicates a bearish outlook.

Should this trend remain the same, SHIB’s market value might slide to the $0.000012 support.

In a highly bearish case, the bearish momentum could drive the cryptocurrency as low as $0.000010.

Alternatively, if the MACD reading turns positive, then momentum will become bullish.

In that scenario, SHIB’s price might break past the $0.000020 resistance and possibly rise toward $0.000025 near the 0.618 golden ratio.