Shiba INU price despite a narrow trend managed to be within the trending list for quite a long time. The year 2022 proved to be the most bearish start for most of the crypto assets. SHIB price also drained into a deep bearish well and despite a strong recovery, fell into the same well to reach its initial positions.
The asset did try to rebound strongly and smash the required highs but ever since the asset fell beneath $0.00003 in mid of February, it constantly failed to raise above. Moreover, currently, the resistance from these levels has been depleted to $0.00002700 and maybe still dragged down to $0.00002500 very soon. The reason may not be certainly the lack of traders’ interest but they appear to play safely without much wallet drain.
The address which bought SHIB in the price range of $0.00002400 and $0.00002800 is still in the loss. Nearly 153.68 trillion SHIB tokens in 115.3k addresses have been stuck up in this range. And hence if the price reaches these price ranges it may find strong support to range to the next levels. It can be noticed that the price once surpassed these levels a larger cluster of more than 165.85K addresses holding 33.7 trillion SHIB in between $0.00000280 to $0.000034 may be encountered.
Therefore, the SHIB price encounters extreme selling pressure as it reaches above $0.00002400 as huge addresses are making losses at the moment. And hence each time Shiba Inu Price reaches above $0.00002750, a serious drain drag the price below $0.00002300. However, one can expect a minor upswing as the technicals are somewhat bullish and may feel a strong uptrend if the asset breaches through the pivot levels.
The Shiba INU price flipped the rally from trending within a descending triangle and maintained within a symmetrical triangle. And hence quashed the possibilities of squeezing towards the lower support at once. On the other hand, the RSI has showcased a huge bullish divergence which is heading towards the north firmly, Therefore, the SHIB price is expected to breach through the upper resistance within the consolidation and quickly secure the levels above $0.00002800 before the end of April.
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Source: https://coinpedia.org/price-analysis/this-is-the-reason-why-shiba-inushib-price-is-unable-to-achieve-pivot-levels/