Shiba Inu Falters as Technical Barriers Come into Focus
The Shiba Inu (SHIB) token is struggling to extend its recent rebound as it faces significant technical barriers, according to a report from Bitget. Despite moving off its August lows, SHIB has struggled to maintain momentum beyond $0.00000540 and now sits at around $0.00000535, up approximately 3% in the past 24 hours.
The token is currently trading above a moving average cluster in the $0.00000500 to $0.00000507 range, which has established itself as the primary support region. However, there is significant selling pressure at higher levels, with SHIB briefly approaching $0.00000620 during the August rally but being halted by this resistance.
A key long-term moving average creates a major obstacle near $0.00000568, representing a critical price level that bulls must defend in order to potentially retest previous highs.