SHIB/USD recorded modest gains over the last 24 hours, rising approximately 1.18%. The token currently trades near $0.00001218.
Despite the uptick, significant resistance is evident at the $0.00001220 price point. Technical analysis suggests that a sustained daily close above this resistance level could pave the way for a move towards the $0.00001250 mark.
Market participants note low volatility, highlighted by a subdued reading on the daily Average True Range (ATR) indicator. This limited volatility is currently seen as a factor constraining more substantial short-term upward momentum.
The mid-term outlook for SHIB remains cautious. The token continues to struggle against the $0.00001220 resistance. Should attempts to breach this resistance fail, analysts point to potential downside support emerging near the $0.00001000 psychological level.
Traders are advised to monitor daily closing prices relative to the critical resistance zone closely, along with any shifts in market volatility. These factors will be key in determining whether SHIB could stage a breakout or undergo a retest of lower support levels.