💥💥💥 Shiba Inu Price Analysis: Can $SHIB Bulls Flip this $17M Resistance?

Shiba Inu’s Rally Stalls at $0.000014

1. Recent Rally and Resistance: Shiba Inu (SHIB) saw a 25% rebound from $0.000011 to $0.000014 between August 5th and 8th, driven by bullish factors like ETF inflows, a fine on Ripple, and Russia's cryptocurrency mining legalization. However, SHIB's momentum stalled at the $0.000014 resistance level due to accumulated sell orders.

2. Sell Orders and Market Pressure: Despite initial bullish sentiment, a significant volume of sell orders has dampened SHIB’s momentum, leading to a 4% pullback. Exchange order books reveal that bears still dominate, with sell orders outweighing buy orders by 2.4 trillion SHIB, suggesting limited demand and potential further declines.

3. Price Outlook: SHIB is trading near its lower Bollinger Band, indicating an oversold condition and potential for a bounce. If support at $0.000013 holds, SHIB could retest the $0.000015 resistance level, with a successful breach possibly leading to gains up to $0.000018. However, failure to maintain support may see SHIB drop to $0.000012.

Conclusion: SHIB’s potential for more upside depends on breaking the $0.000015 resistance, broader market sentiment, and new bullish catalysts. If these factors align, SHIB could experience another upward move.

Source - thecryptobasic.com