- Summary:
- Shiba Inu price is showing renewed momentum after breaking out of a tight consolidation phase. What's next for the meme token?
Shiba Inu price is showing renewed momentum after breaking out of a tight consolidation phase, trading at $0.00001314 at press time. This modest uptick comes as the meme token attempts to build on recent bullish cues in the broader altcoin space. SHIB is nearly up 2.6% this week. This hints at a sentiment as the market recovered from an extended pullback.
Mixed Signals Still Linger Despite RSI Push
The RSI is currently at 56.73, signalling a healthy recovery without veering into overbought territory. However, traders remain cautious, given SHIBS’ history of sharp fakeouts during early-stage rallies.
The MACD has printed a bullish crossover for the first time since April, signalling that momentum could be building beneath the surface.
Shiba Inu’s Key Resistance and Support Levels
Immediate support is seen at $0.00001291, which acted as a critical floor throughout March.
Resistance ahead at $0.00001565, with further upside capped at $0.00001739
A break above $0.00001565 would mark the first major higher high in over a month and could re-ignite bullish speculation towards $0.00001939 and $0.00002153.
Whale Activity and Network Expansion Still Crucial
On-chain metrics show a moderate uptick in whale accumulation and social engagement. However, concerns around burn rate stagnation and the lack of ecosystem expansion remain in the headwinds. Unless the Shiba Inu dev team reviews network catalysts like Shibarium updates or major exchange integrations, SHIB’s upside could remain short-lived.
Conclusion
As it stands, Shiba Inu is in a recovery phase with decent technical structure, but confirmation above $0.00001565 is needed to shift the narrative fully in favour of the bulls. The next 48 hours are key as traders asses weather SHIB has the volume strength to validate this breakout or if its another false dawn in the meme coin territory.