Shiba Inu faces obstacle

Shiba Inu is currently facing a massive supply zone of 33 trillion SHIB (just under $400 million). These tokens were purchased at prices below $0.00001200, and investors are now under pressure due to the recent price drop. Potential sales by early investors limit price growth. Until it surpasses $0.00001200, this supply zone will remain a significant obstacle. Investors who hold these tokens at a loss may want to exit, which will slow down SHIB's recovery.

From a technical standpoint, the MACD indicator is approaching a bullish crossover. This could signal a possible price reversal. The MACD has been in a bearish crossover for almost a month, contributing to the downward trend and price pressure. However, the indicator's approach to a bullish crossover may indicate weakening bearish momentum. If the MACD forms a bullish crossover, it could end the month-long downtrend and give the price momentum to overcome resistance.

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