SHIB price struggles to break resistance at $0.00001189 amid fading intraday momentum
RSI near oversold territory suggests potential for a rebound if sentiment shifts
Weak burn activity and flat volume limit near-term upside despite long-term forecasts
Shiba Inu (SHIB), one of the most watched meme-based cryptocurrencies, is navigating a quiet yet cautious phase. Despite a dip of 1.44% over the past 24 hours, the token is managing to hold near the $0.00001170 mark.
This zone has acted as a pivotal price level lately, suggesting it could determine SHIB’s next big move.
SHIB Price Action Reflects Market Indecision
SHIB’s short-term chart reveals a mixed bag. The token opened in a downward trend but attempted a weak recovery mid-day. However, momentum faded quickly. The intraday range was narrow, hovering between $0.00001113 and $0.00001189. Notably, the upper boundary of this range serves as a stiff resistance level, rejecting multiple breakout attempts.
Meanwhile, the $0.00001113 level marks a critical support zone. Any sustained breach below this could open the door to further declines. Still, price resilience around the…
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