Shiba Inu Price Plummets 10% After Resistance Rejection

Shiba Inu (SHIB) experienced a significant price drop after its recent attempt to break through resistance. The token's price surged above $0.00000620, but sellers aggressively pushed back, causing a 10% decline and sending the price down to around $0.0000056.

This pullback is particularly notable because it occurred at a critical level for SHIB. The token has been struggling to break through its 200-day moving average, which had previously served as resistance. The recent move above this level was seen as a potentially significant structural improvement, but the rejection of the higher price suggests that there may be more overhead supply in the market.

Despite the decline, SHIB is still trading slightly above its 200-day moving average, and buyers are responding to the initial drop. The key area to watch now is the $0.0000055-$0.0000057 region, where a stabilization above this level could indicate a retest rather than a total breakout failure.