Since the beginning of August, Shiba Inu's (SHIB) price has struggled to close above the resistance of $0.00001462.
Worsening market conditions have led investors to take uncalculated risks, causing substantial losses. In the past 24 hours, a surge of selling resulted in over $13.5 million in realized losses, the highest since early July.
The sharp sell-off was triggered by a 1.5% rise in SHIB's price, indicating impulsive actions. This reflects broader fear and urgency among investors, showing how market sentiment can quickly shift.
Despite recent pressure, Shiba Inu's overall macro momentum remains bearish, confirmed by the Relative Strength Index (RSI), which has been below the neutral mark since early June.
The meme coin has only breached the resistance of $0.00001462 once in four weeks. If broader market bullishness impacts SHIB, it could hit $0.00001699, invalidating the bearish outlook.
