Shiba Inu's Price Rally Fades After Brief Breakout

Shiba Inu's recent price rally has lost momentum after sellers rejected the meme coin near $0.0000058, causing a pullback of nearly 20% from its intraday peak.

The token briefly reached approximately $0.0000058 during its breakout, marking a gain of almost 40% from its pre-rally base around $0.0000041.

However, the long upper wick on the 4-hour chart showed that sellers quickly absorbed demand near the peak, causing $SHIB to form a series of lower highs before stabilizing between $0.0000046 and $0.0000048.

The bulls are currently defending a newly established support zone around $0.0000045, with stronger support sitting at the 100-period SMA near $0.00000444 and the 200-period SMA around $0.00000437.