Shiba Inu (SHIB) Edges Higher but Faces Resistance at Key Moving Average Amid Market Fluctuations
On June 3, 2025, Shiba Inu (SHIB) advanced by 2.9%, closing at $0.00001317. Despite the positive move, the token couldn’t hold above the important 100-day simple moving average (SMA) set at $0.00001332, signaling hesitation among buyers to push the price higher.
Over the last 24 hours, SHIB has built a solid support zone between $0.00001265 and $0.00001270. This foundation could pave the way for further gains if buying interest picks up, but overall momentum remains tepid. The broader crypto market continues to navigate waves of uncertainty driven by geopolitical tensions and evolving trade policies, with SHIB standing out as a surprising contender amidst the volatility.
Technically, the downward trend from mid-May is still influencing price action, though recent activity hints at a potential shift.
Technical Breakdown:
- Early trading sessions saw strong buying support at $0.00001267, preventing further declines and establishing a key floor.
- Price action formed a bullish pattern of higher highs and higher lows, breaking through resistance levels at $0.00001294 and $0.00001313, signaling renewed strength.
- A brief consolidation between 01:07 and 01:34 was followed by a sharp breakout at 01:35, accompanied by a surge in volume reaching 14.6 billion tokens—the highest of the day.
- SHIB traded within an ascending channel, hitting a new local peak at $0.00001345 before encountering some selling pressure.
- Profit-taking in the closing minutes caused volume to taper off, indicating near-term resistance but leaving the overall bullish structure intact.
In short, while SHIB’s climb has been met with resistance at the 100-day SMA, its firm support and breakout activity offer a cautiously optimistic outlook for traders keeping an eye on the next moves.
