Shiba Inu Price Drops 10% After Failing Breakthrough

Shiba Inu's recent attempt to break through its resistance level was met with an abrupt reversal, leading to a 10% decline in price.

The token had surged above $0.00000620 but lost momentum and returned to around $0.0000056, essentially eliminating the gains from the previous breakout candle.

This pullback is significant because it occurred at a key level on the chart, around $0.0000056-$0.0000057, which represents SHIB's final push through its 200-day moving average.

The rejection of prices above $0.0000060 indicates that there is still a substantial amount of overhead supply in the market between $0.0000060 and $0.0000063.