Shiba Inu's Bullish Momentum Falters Amid Technical Barriers
The Shiba Inu (SHIB) token is facing challenges in its pursuit of a long-term bullish trend. Despite recovering from its August lows, technical barriers remain above the current price, making it difficult for SHIB to sustain momentum.
At present, SHIB is trading at around $0.00000535 and has gained about 3% in the past day. The token has surpassed the moving average cluster between $0.00000500 and $0.00000507, which serves as its primary support zone. However, bulls face a significant hurdle above $0.00000540, where sellers fiercely opposed SHIB's move towards $0.00000620 during the August rally.
Furthermore, momentum indicators do not strongly suggest bullishness, with SHIB's daily RSI close to 57.6. This indicates that buyers currently have an advantage but lack sufficient momentum to support a continued upward trend.