Shiba Inu's Price Rebound Stalls on Rising Exchange Inflows

Shiba Inu (SHIB) has struggled to break above a key resistance level near $0.00000500, leading to a short-term downturn in the cryptocurrency's price.

The latest recovery attempt for SHIB lost steam after encountering major technical resistance, with sellers regaining control and forming a short-term bearish structure, according to blockchain outlet U.Today.

The market watched whether Shiba Inu could hold above the psychological resistance of $0.00000500 after last week's sharp rise, but the price retreated immediately after briefly testing the level.

Momentum indicators have also cooled, with the relative strength index falling to around 53 from overbought territory, suggesting buying pressure has weakened noticeably but has not yet reached oversold territory.