As Shiba Inu (SHIB) celebrates its fourth anniversary, the popular meme coin has seen significant price movements, recently declining from a resistance level of approximately $0.00001639 to its current level of $0.00001576.

The recent peak at $0.00001639 continues to act as a formidable resistance level for SHIB. Prices hovered near this level but fluctuated, indicating that sellers are actively defending this price point. The subsequent drop from this high demonstrates the presence of strong selling pressure or a lack of buying interest at these elevated levels.

Currently, SHIB is trading near $0.00001576, a level close to a key support level around $0.0000155. The price recently dipped below this support and then slightly rebounded, suggesting potential buying interest. However, the ability to maintain a price above this support level is crucial for SHIB’s price stability.

In terms of support and resistance, the immediate support level remains at $0.0000155. If SHIB holds above this price, it may signal a resurgence of buying interest at these lower levels, potentially stabilizing the market. Conversely, if this support fails, further declines are likely, with SHIB’s price potentially finding new support at lower levels not visible on the current chart.

On the resistance side, the immediate resistance level stands at $0.0000160. SHIB’s price has faced recent rejection at this level, suggesting that a significant influx of buying volume is needed to break through this barrier. Successfully overcoming this resistance could indicate a reversal of the current downtrend, allowing SHIB to retest the higher resistance near $0.00001639.

Additional technical indicators provide further insights. The 1-day Relative Strength Index (RSI) currently reads 43.48, suggesting that SHIB could be approaching oversold territory. Moreover, the 1-day Moving Average Convergence Divergence (MACD) is below the signal line, potentially signaling an upcoming buying opportunity.