Despite a significant $182 million liquidation in the broader cryptocurrency market during early Sunday trading, Shiba Inu (SHIB) displayed resilience by maintaining a modest gain. At the time of reporting, SHIB was up 1.12%, reaching $0.0000143, with intraday highs at $0.0000147, standing out in contrast to the widespread losses seen in major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
Market context: The crypto market experienced profit-taking following a previous rally, with Bitcoin retreating after touching nearly $112,000. Market sentiment remains cautious amid macroeconomic uncertainty and technical indicators that hint at possible short-term declines.
Technically, SHIB is navigating a pivotal price range between $0.000014 and $0.000015 where approximately 26.38 trillion tokens are held by nearly 40,000 addresses at an average cost of $0.000014, according to IntoTheBlock data. Above this, a substantial resistance zone exists between $0.000015 and $0.000019, where over 539.92 trillion SHIB tokens were previously acquired at an average of $0.000017 by 132,610 addresses.
This massive resistance around 539 trillion SHIB tokens represents a significant selling pressure. After an attempt to break above $0.000015, SHIB pulled back to about $0.0000142, flirting with the critical short-term support at $0.0000140. Technical analysis indicates a 'bullish fatigue' with the RSI near neutral and decreasing volume suggesting waning buying enthusiasm.
The $0.0000140 support is crucial for maintaining the recent gains. A breakdown below this could trigger drops to $0.0000135 or even $0.0000120, negating the recent upward momentum. Conversely, if SHIB manages to absorb the selling pressure at the 539 trillion resistance level and surpass it, the psychological target would be $0.000018.