Shiba Inu’s inability to hold above the 100-day SMA at $0.00001317 stems from technical resistance and profit-taking behavior. Despite forming higher lows in an ascending channel pattern, the memecoin faced selling pressure at key resistance levels between $0.00001330-$0.00001345. The 14.6B volume spike during the initial breakout wasn’t sustained, allowing bears to regain control.
The established support at $0.00001267 suggests some accumulation occurring at lower levels, but SHIB needs stronger fundamental catalysts to overcome its meme-coin reputation. Unlike projects with active development like Solana or NEAR Protocol, Shiba Inu’s price action remains largely driven by retail sentiment and technical patterns.
Analysts warn that without sustained buying pressure or ecosystem developments, SHIB might remain range-bound between $0.00001267 support and $0.00001345 resistance. The token’s performance contrasts with more fundamentally-driven assets in the CoinDesk 20 Index that posted stronger gains.
