Shiba Inu is making a modest rebound after an extended downtrend. It is currently gaining 1.09% in the last 24 hours to trade at $0.00001239. Despite the slight uptick, SHIB remains down 8.2% over the past week, hinting at the cautious sentiment among traders. With a market cap of $7.3B and an intraday trading volume matching that figure.
SHIB’s short-term trend hinges on both technical resistance and ecosystem developments. Particularly around the Shibarium layer-2 network. Successively, the Shibarium governance vote scheduled for tomorrow could be detrimental in Shiba Inu’s price trend.
On the 4-hour chart, SHIB has bounced from its recent low of $0.00001138. Which was the July bottom, and is now trying to reclaim lost ground. The RSI has risen from 38 to 47.19, indicating improving momentum, yet it remains below the neutral 50 level. More importantly, price is still trading below all major moving averages, including the 20-period Bollinger Band SMA at $0.00001218 and the critical 50-day EMA at $0.00001311.
Bollinger Bands are tightening, suggesting reduced volatility and a possible upcoming breakout. Immediate support lies at $0.00001205 and $0.00001111, with resistance levels visible at $0.00001311 and $0.00001445. A failure to break above the 50-day EMA could result in another decline toward the $0.00001100 zone.
While the technical rebound provides short-term relief, the weak on-chain conviction hampers the enthusiasm. The RSI suggests a potential for further upside, but the lack of volume limits the strength of this move. Unless SHIB price breaks past $0.00001311 with volume confirmation, this rally risks being short-lived.
The price has rebounded due to oversold RSI levels and anticipation around Shibarium governance upgrades.
It is worth noting that $0.00001311 is the make-or-break level. A clean break could open the door to $0.00001435.
Yes, if WoofSwap’s proposed upgrades pass on August 6, which is tomorrow, they could improve SHIB utility and drive new demand.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
The crypto markets are being jostled between bullish and bearish forces, which have been exerting…
Ozak AI ($OZ) has become a top focus in the ongoing crypto bull market. Built…
The global cryptocurrency market cap stands at $4.13 trillion, up 0.53% in the past 24…
The crypto market has faced a sharp downturn, with major assets like Bitcoin and Solana…
The XRP price has continued to trade in a narrowing price action that’s getting tighter,…
Morgan Stanley, managing $1.3 trillion in assets, has lifted restrictions on Bitcoin and crypto investments…
