SHIB Hits Major Resistance After Two-Day Price Surge

Shiba Inu's two-day price surge came to an abrupt end as it reached the 200-day Simple Moving Average (SMA) of approximately $0.0000058, meeting the February consolidation high.

The token was unable to break through this resistance zone, with sellers immediately responding and pushing SHIB back below its 100-day SMA near $0.00000517.

According to Santiment, social dominance reached a four-month high of 0.084%, while whale transactions surged, indicating possible profit-taking by larger holders as the token approached major resistance.

The area between $0.00000517 and $0.0000055 is now crucial for SHIB's price action, with failure to recover this range putting the 50-day SMA near $0.0000044 back in focus.