SHIB Stalls at Crucial Resistance Level Amid Growing Selling Pressure

SHIB's price has been facing strong resistance as selling pressure returns. Despite briefly pushing past the crucial $0.00000500 resistance level, buyers were unable to hold their ground and sellers regained control. This indicates a weakening bullish momentum in the short term.

The price of SHIB now hovers near its 50-day moving average, with daily candles showing a sequence of lower highs. This suggests that buyers have lost control of the short-term trend, which could exacerbate downside pressure.

Long liquidations reached approximately $176,000 over the past day, while short liquidations remained below $13,000. This indicates that leveraged bulls absorbed the largest losses after the failed breakout, diminishing confidence among short-term traders.