29 Trillion SHIB Trap: Massive Resistance Threatens Shiba Inu’s Next Move

Shiba Inu is under pressure as its price stalls near a critical zone between firm support and heavy resistance. Currently trading around $0.0000122, SHIB is showing signs of weakening momentum.

Recent weeks have shown $0.000012 acting as a safety net that functions as short-term market support. However, this support level suffers from exposure problems because recent retests have weakened its position, alongside decreasing market engagement and transaction levels.

Technical indicators reflect growing indecision, as the Relative Strength Index now sits at 44, indicating weaker buying power and signaling an upcoming bearish trend.

Also Read: XRP on the Brink: Price Crash Looms as It Nears Critical $2 Support Level

On-Chain Data Reveals Heavy Resistance Wall

According to IntoTheBlock, over 29 trillion SHIB are held between $0.000012 and $0.000013. This dense cluster was formed by nearly 45,000 addresses bought within this narrow price band.

These wallets are now in a tight position—neither significantly in profit nor in loss. If the price moves slightly higher, many holders could choose to sell, placing heavy resistance to any upward movement.

At the same time, this concentration of tokens can provide strong support if prices dip. Investors may increase their positions to defend their holdings, adding pressure against further declines.

SHIB Stuck in Tight Range With No Clear Breakout

SHIB’s price is now squeezed between $0.0000115 and $0.000013, with no apparent signs of a breakout. Analysts are watching these levels closely as potential turning points for the token.

If SHIB falls below $0.0000115, the previous support will become resistant, which may initiate additional market declines. To move prices above $0.000013, SHIB needs to break through significant resistance strands that hold down trapped investors.

Shiba Inu prices are expected to remain confined to their current range until a compelling price action occurs. The market will likely continue to be silent until broad market sentiment changes or when new bullish signs emerge.

Shiba Inu struggles to break resistance at 29 trillion tokens and faces major support at the current price level. A definitive price movement has not happened, which means sideways movements should continue over the next few weeks.

Also Read: Shiba Inu Burn Rate Skyrockets 22,598% as Shibarium Transactions Explode

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