Shiba Inu (SHIB) finds itself at a crucial technical juncture, trading near the critical resistance level of $0.00001347. This price point coincides with its significant 200-day Exponential Moving Average (EMA), approximately at $0.00001428, making it a formidable barrier for further upside.
The outcome of this retest holds substantial weight for SHIB’s near-term trajectory. A successful bullish breakout above this level could ignite momentum, targeting the $0.00001550 level and potentially paving the way towards $0.00002000.
Conversely, failure to overcome this resistance opens the door to a significant correction. Key downside support levels lie at the 50-day EMA ($0.00001208) and the 100-day EMA ($0.00001272).
A sustained breakdown below these moving averages would signal bearish control, potentially triggering a drop towards the $0.000009 support area.
Highlighting the current market indecision, the Relative Strength Index (RSI) reading for SHIB stands at 54. This places the token firmly in neutral territory, showing neither overbought conditions nor strong bullish momentum.
With key support levels tested and resistance overhead, the price action over the next few trading sessions is expected to be pivotal in determining SHIB’s directional bias, presenting traders with potentially volatile conditions.