539,000,000,000,000 Shiba Inu (SHIB) Level Born

Shiba Inu Faces Crucial Test at 539 Trillion SHIB Resistance Level

According to the latest data from IntoTheBlock, Shiba Inu (SHIB) is at a critical juncture, with the asset lingering at the 539 trillion SHIB on-chain resistance level. This level, encompassing 132,610 addresses and an average price of $0.000017, is serving as a formidable stronghold of selling pressure, as evident from the thick red bands on the In/Out of the Money charts.

Technically, the bullish narrative for SHIB is not supported by the daily price chart. The asset was knocked back to $0.0000142 after a strong attempt to regain the $0.000015 level, and it is now testing the crucial short-term support at $0.0000140. While the 100-day and 200-day EMAs remain above the market, preventing any sustained breakout attempts, the 50-day EMA (green) has flattened, indicating a potential shift in momentum.

The RSI is struggling around the neutral 50 level, and the volume data shows waning buy-side enthusiasm, even as SHIB tests important support. This suggests a classic case of bullish fatigue.

The 539 trillion SHIB resistance level is a battlefield of market psychology rather than just a collection of idle bag holders. Many of these addresses are likely waiting for an opportunity to break even, and any rally into the $0.000015-$0.000017 zone will probably encounter strong sell pressure as these trapped holders offload their positions.

The $0.0000140 support level is crucial for bulls to maintain. If this support is breached, a decline to $0.0000135 and possibly $0.0000120 is anticipated, wiping out the gains from the May bounce. Conversely, if SHIB can absorb the selling at the 539 trillion resistance and flip it, the psychological level of $0.000018 would be the next target.

In summary, Shiba Inu is at a crossroads, facing a critical test at the 539 trillion SHIB resistance level. The outcome of this battle will determine the asset's near-term trajectory, as SHIB either holds up against the selling pressure and rises, or succumbs to the last wave of buyers pulling the rug out from under it.