Shiba Inu's price is stuck between a massive supply zone and multiple support barriers that have constricted its movement. SHIB is currently grappling with a declined resistance level, with a lack of a clear trend.
SHIB is currently trading at a price of $0.00000880, just below the declined resistance line. This support barrier has prevented Shiba Inu's price from heading higher three times over the past two weeks, starting from May 13.
The dog-themed altcoin might give this supply level another try. A decisive close above $0.00000949 will signal the start of a 23% uptrend. However, rejection from the declined resistance level will push Shiba Inu's price lower by 23% to the support barrier at $0.00000654.
At the time of writing, SHIB shows no bias whatsoever. Therefore, investors need to wait for a confirmation that establishes direction.
Assuming a bullish breakout, Shiba Inu's price needs to close above $0.00000949. In that case, a 23% upswing will put it at a price of $0.0000117, the lower range of a supply zone that stretches up to $0.0000169.
If the bullish momentum persists, Shiba Inu's price could tag $0.0000144, which is roughly another 23% rally from $0.0000117.
On the other side, a downtrend will continue to evolve if the SHIB gets rejected at $0.00000949. In that case, a 23% sell-off will put Shiba Inu at a price of $0.00000654.
Further selling pressure at this support level that breaks down the floor mentioned above will invalidate the upswing narrative and result in a 36% crash to the price of $0.00000420.
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