The post Can SHIB Bulls Flip this $17M Resistance? appeared on BitcoinEthereumNews.com.

Shiba Inu’s price rebounded 25% from the market crash on Monday as it reached $0.000014 on Aug 8. However, on-chain data shows how a 5.83 million SHIB sell-wall threatens to halt the recovery phase. Shiba Inu’s 25% Price Rebound Halts at $0.000014 Shiba Inu (SHIB) has demonstrated resilience in the face of recent market turbulence, rebounding 25% from the significant market crash on August 5. Following a low of $0.000011, SHIB surged to $0.000014 by August 8, driven by a combination of bullish catalysts including ETF inflows, a $125 million fine on Ripple, and Russia’s decision to legalize cryptocurrency mining. However, as SHIB approached the $0.000014 resistance, the bullish momentum began to wane. Shiba Inu Price Action SHIBUSD | TradingView The recent uptick in SHIB’s price can be traced back to these catalysts, which generated optimism across the broader crypto market. Shiba Inu, benefiting from this sector-wide rally, saw its price jump nearly 33% in just three days, from its August 5 low to its August 8 high. The price chart shows that after this steep rise, SHIB encountered a strong resistance level around $0.000014, where a significant volume of sell orders began to accumulate. Residual Sell-Orders Stalls Bullish Momentum Despite the initial bullish sentiment, the high incidence of existing sell-orders that mounted since Monday’s market crash appears to be nullifying the positive momentum. In the last 24 hours, SHIB has seen a 4% correction, pulling back from its recent high of $0.000014. This correction occurred as SHIB was unable to break through the resistance level, which coincided with a broader market retreat led by mega-cap assets hitting resistance points during the rally. The exchange order books reveal that bears, who were in control just days ago, still hold a substantial volume of sell orders, obstructing SHIB’s advance above $0.000015.…

---

Filed under: News - @ August 10, 2024 8:16 am