Shiba Inu's Price Action Faces Key Resistance, Market Trends Under Scrutiny

According to U.Today, Shiba Inu's (SHIB) price action has been in the spotlight recently as it grapples with a significant resistance level. The key price range under scrutiny is between $0.000024 and $0.000026, where 58.91 trillion SHIB were purchased by 63,840 addresses at an average price of $0.000025, as per IntoTheBlock data. As SHIB neared the 58 trillion token mark, the momentum driving its price began to fade, turning this level into a crucial resistance point where bullish sentiment started to waver. Shiba Inu's price steadily declined for three days after peaking at $0.00002684 on May 22. The price rebounded briefly before selling resumed, with SHIB struggling to remain above the daily SMA 50 at $0.0000245 in the current trading session. At the time of writing, SHIB was down 0.08% in the last 24 hours to $0.00002482, surrendering its previous day's gains. The exact reason for the SHIB price slowdown is unclear, but market dynamics and other factors may be at play. The pause at this point could suggest that the market is consolidating gains and contemplating the next move. Some traders may be taking profits, while others might be waiting for a clearer signal to act. The overall sentiment in the crypto market also plays a vital role, as broader market trends often impact the performance of individual tokens. For SHIB to regain its upward momentum, it may need to surpass the 58 trillion SHIB threshold with renewed buying interest. Broader market movements should also be monitored to predict SHIB's next price move. If the market regains momentum, a break past the $0.00002684 level might be necessary to confirm the start of a SHIB upside move. In this scenario, SHIB might aim for the $0.00003285 level. However, SHIB would need to stay above the daily SMA 50 at $0.0000245 to avoid further declines. If SHIB falls below the daily SMA 50 level, support is expected at $0.00002334 and $0.00002155.