Shiba Inu (SHIB ($0.00)) rose 4% in the past 24 hours, trading at $0.0000144, according to CoinMarketCap. This move followed a broader cryptocurrency market rebound on Tuesday. Major assets like Bitcoin and Ethereum climbed past $106,000 and $2,900, respectively, despite risk-off behavior in traditional markets like equities and gold.

Massive Sell Wall Threatens Further Upside

SHIB may have bounced slightly, but the real challenge lies just ahead. A massive supply wall sits between $0.000015 and $0.000019, where 532.56 trillion SHIB were previously purchased by around 126,200 wallet addresses. On average, these investors bought SHIB at $0.000017, according to IntoTheBlock.

Source: IntoTheBlock

This cluster now serves as a potential sell zone. Many holders could take profits if SHIB revisits these levels, creating downward pressure. However, if SHIB’s buying volume increases and bulls break through this resistance, the token could rally to higher levels between $0.000019 and $0.000024.

Related article: Shiba Inu’s Battle for Breakout: Key Resistance Levels That Could Trigger a 114% Rally

Since May 10, Shiba Inu has struggled to maintain upward momentum. The token only posted gains on two of the past nine trading days. Although it hit a local high of $0.00001764 on May 12, that rally quickly lost steam. Another short-lived gain occurred on Sunday, when SHIB briefly touched $0.00001536, before fading again during the current session.

Technical Indicators Signal Consolidation Ahead

Shiba Inu faces its next key resistance at $0.00001764. Beyond that, the daily simple moving average (SMA) 200 looms at $0.00001826. If the price fails to break higher, support may form around the daily SMA 50 at $0.00001327.

Source: TradingView

Currently, the daily relative strength index (RSI) sits at a neutral 50, suggesting indecision in the market. This neutral RSI, combined with the narrowing price range, indicates that SHIB may consolidate between its 50-day and 200-day moving averages, roughly between $0.00001327 and $0.00001824. Shiba Inu must clear the large supply zone between $0.000015 and $0.000019 to stage a real breakout.

Until then, its price action remains trapped between major support and resistance levels. The coming days may be critical, as bulls and bears fight for control in this high-stakes range.

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