One of the top meme tokens on the market, Shiba Inu (SHIB), is nearing a turning point that might affect the course of its price movement. The coin is aiming for a crucial resistance level at about $0.00000769, which, if broken, may signal the start of a new rally and possibly reverse the current decline.
Shiba Inu’s failure to surpass the $0.0000086 price level in May is the source of this resistance level. Since that time, this line has developed into a strong obstacle to SHIB’s upward momentum. Selling pressure has intensified each time the price has come close to this point, driving the price back down.
However, a significant decline in trade volume and general network activity has made the situation for Shiba Inu even more difficult. Due to its increased volatility and potential for fast gains, many investors seem to be drawn to the new generation of meme coins, including Pepe. This change could be draining Shiba Inu’s liquidity and causing the drop in trading activity.
Shiba Inu may experience more downward pressure if it is unable to overcome the aforementioned resistance level. The next key level of support is located around $0.00000652, which would be a big decrease from the current price.
For the Shiba Inu, this is a make-or-break circumstance. The token’s ability to overcome this obstacle may determine whether it transitions into a new bullish phase or keeps losing ground. Investors should keep a close eye on the price movements and trading activity at this level since they may offer important clues about SHIB’s future course.
As at the time of publication, Shiba Inu has grown by a negligible 0.25% over the previous 24 hours and is trading at the $0.00000768 price barrier.
