Shiba Inu’s recent price surge has encountered significant resistance at the 200-day Exponential Moving Average (EMA), resulting in a near 3% pullback.
Technical indicators point to two key support levels being crucial for its short-term trajectory: $0.0000136, which aligns with the 26-day EMA, and the more robust $0.0000125 level.
Investor caution is amplified by the Relative Strength Index (RSI) approaching the 70 threshold, a potential signal of overbought conditions that may precede a consolidation phase.
Further concerns arise from declining trading volume alongside the elevated RSI, suggesting waning momentum for SHIB’s rally. The 200-day EMA remains a significant technical barrier needing to be overcome for sustained upward movement.
Market sentiment is currently cautious. Traders and investors are advised to monitor the identified support levels and technical indicators closely to navigate SHIB’s evolving price action.