Dog-themed cryptocurrency Shiba Inu (SHIB) is up 4% in the last 24 hours to trade at $0.0000144, according to CoinMarketCap data, as the broader crypto market showed signs of a rebound in the early Tuesday session. Bitcoin and Ethereum rebounded despite broader risk-off sentiment in equities and gold, surpassing $106,000 and $2,900.
Shiba Inu may be attempting a rebound, but the true test may be ahead. A staggering 532.56 trillion SHIB looms at the next key resistance range that could determine whether SHIB rallies or continues its downward trend.
According to IntoTheBlock data, 532.56 trillion SHIB were previously bought by 126,200 addresses between $0.000015 and $0.000019 at an average price of $0.000017.
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This massive supply cluster signals a potential sell wall, where addresses in this range may seek profits. If Shiba Inu bulls can absorb or break through this zone, the dog coin could see a rally and test higher resistance levels between $0.000019 and $0.000024.
SHIB price action
Shiba Inu has steadily declined since May 10. The cryptocurrency briefly surged to highs of $0.00001764 on May 12, but the momentum stalled.
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Since May 10, Shiba Inu has only marked two out of nine days in the green. Sunday saw another green day, with Shiba Inu reaching highs of $0.00001536. Shiba Inu slightly rebounded in today's session before slightly erasing its gains.
Technically, Shiba Inu's next resistance level is $0.00001764, which is ahead of the daily SMA 200 at $0.00001826.
However, if the loss continues, support is expected around the daily SMA 50 at $0.00001327. The daily RSI at midpoint 50 predicts consolidation in the coming days, with Shiba Inu likely trading between its daily moving averages 50 and 200, which are $0.00001327 and $0.00001824, respectively.
