Shiba Inu Crushed by $0.00000500 Resistance Barrier
Shiba Inu's (SHIB) recent attempt to recover from last week's explosive breakout has been met with resistance. The token failed to break through the psychologically significant level of $0.00000500, a threshold that was previously seen as a key hurdle for SHIB.
The rejection is particularly noteworthy because it occurred at the intersection of several technical obstacles. The 50-day moving average is near this level, and SHIB immediately reversed after testing it. This has led to a decline in bullish momentum, with lower highs emerging on the daily charts.
From a technical perspective, the short-term trend has entered correction mode. The price has fallen below the 20-day moving average, while the 50-day average remains as resistance above. Despite this, the overall bearish trend remains unaffected by the failure to recover the first significant resistance.