From fear to hope, the past week for Shiba Inu has been a whirlwind for everyone watching the chart. After sinking to a 7-day low, the SHIB price caught buyers’ attention right at $0.0000089. A fortress support tested during major crashes in early 2024 and even back in 2022.
That’s not a mere coincidence. As SHIB touched this floor once again, buyers piled in, prompting a sharp 11.5% surge in trading volume that signaled fresh accumulation. Throw in a slight recovery in the overall crypto market cap, up just under 2%, and the stage felt set for SHIB to snap out of its brutal downtrend. For now, traders are debating, does this floor holds strong like before, or is more pain ahead?
Focusing purely on technicals, SHIB price posted a daily gain of 0.52%, now valued at $0.000008961. This has come after hitting a 24-hour high of $0.000009219 and a low of $0.000008834. A broad look at the 4-hour chart reveals SHIB consistently respecting the $0.0000089 support, a level that repeatedly triggered extended rallies in the past. Each successful retest here brought explosive moves north, sometimes as much as 300% in previous cycles.
The bullish bounce comes alongside a daily RSI reading of 38.28, underscoring that SHIB entered short-term oversold territory. More interestingly, trading volume saw an 11.5% uptick exactly as SHIB held $0.0000089.
However, bulls are still on the back foot structurally. The token trades below all significant moving averages, including the 50-day, situated near $0.00001027. For a strong technical reversal, SHIB needs a confirmed close and sustained move above $0.0000093. That breakout would likely tempt short sellers to cover, and could open the door for a quick trip to the $0.00001027 mark.
Contrarily, a failure to cling to $0.0000089 support puts SHIB at risk of cascading toward the $0.00000745 zone. With the current 24-hour volume down 51.6% from the day before, conviction remains tentative, and volatility is practically guaranteed as the market awaits SHIB’s next big move.
Yes, it’s a key historical floor that saw major rallies in 2022 and 2023, attracting buyers with each test.
A close above $0.0000093 would flip the midterm trend momentum and could fuel a relief rally back toward the $0.00001027 resistance.
Absolutely. If $0.0000089 fails, the next logical support sits at $0.00000745, aligning with last year’s local bottom and signaling a fresh bearish phase.
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