Peter Smith
Shiba Inu (SHIB) has hit a brick wall between $0.000017-$0.000019 where 46% of holders are just breaking even on their investment.
SHIB Bulls Face Uphill Battle Against Mountain of Supply
Shiba Inu is finally showing some serious signs of life, but it's now facing its toughest test yet. The popular dog coin has slammed right into a monster resistance zone between $0.000017 and $0.000019, where a whopping 476 trillion SHIB tokens are currently sitting. This isn't just any resistance – it's where nearly half of all SHIB holders (controlling over 461 trillion tokens) are finally breaking even after riding through the bear market. Many of these folks are understandably itching to cash out after holding underwater positions for months.
The good news? SHIB has finally punched above its 200-day EMA for the first time in ages – typically a huge green flag that the downtrend might be over. Currently changing hands at $0.00001734, SHIB sits smack in the middle of this resistance cluster after posting a solid 8.9% daily candle with decent volume behind it.
SHIB's Technical Picture Finally Brightens After Months in the Dumps
After what feels like forever stuck below key moving averages, Shiba Inu has finally broken through the trifecta of the 50, 100, and 200 EMAs that have been keeping a lid on price. This isn't just a random blip – it suggests trader sentiment toward the memecoin might actually be shifting.
The RSI is currently running hot at 71.80, putting it in near-overbought territory. While this would normally be a warning sign, during potential trend reversals like this, it often just confirms the bulls mean business. With volume picking up and momentum clearly shifting, SHIB looks like it might finally be ready to make its move after spinning its wheels for so long.
What's Next for SHIB? The Key Levels Every Trader Should Watch
Everything now boils down to whether SHIB can muscle through all those sell orders piling up between $0.000017-$0.000019. If buyers can absorb this selling pressure and push through, we could see SHIB make a run toward $0.000024 and potentially higher.
On the flip side, if sellers overwhelm the rally, expect SHIB to retreat to support around $0.000015 or possibly even $0.0000145. These zones would likely attract bargain hunters looking to scoop up SHIB at a discount, potentially setting up another assault on resistance down the road.
SHIB at the Crossroads: Make or Break Moment Has Arrived
This standoff isn't just another trading range – it's potentially the defining moment that determines SHIB's trajectory for the coming months. With such a massive chunk of investors finally seeing daylight on their positions, the supply-demand dynamics here are absolutely fascinating.
For SHIB to keep climbing, it needs to somehow absorb all this profit-taking without losing momentum. That's a tall order, but not impossible if fresh buyers continue stepping in. The battle lines couldn't be clearer – either bulls push through this wall of tokens, or bears regain control and send SHIB back into consolidation mode.
For traders watching from the sidelines, this is one of those classic "wait and see" moments. The smarter play might be waiting for confirmation that SHIB can decisively break through rather than trying to predict the outcome. If it does break through, the rally could surprise even the most optimistic SHIB army members.
Bottom line: After months of pain, SHIB's moment of truth has finally arrived. The next week or two should tell us whether this dog still has some bite left in it or if we're in for more sideways action before the next genuine move up.
Peter Smith
