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Following its late-July volatility spike, Shiba Inu is making another attempt at recovery, with SHIB rising nearly 2% on the daily candle to about $0.00000471. The move keeps the psychologically significant $0.000005 level within striking distance and places the token back above its shortest moving average, but there is still significant resistance directly overhead.
Shiba Inu's bullish outlook
Compared to the majority of July, SHIB's most recent structure appears much better. In late July, the token produced an explosive move toward $0.0000058 after bottoming around $0.0000041–$0.0000042. Despite the swift rejection of that spike, SHIB did not entirely give up the advance.
Rather, the price has stabilized between $0.0000046 and $0.0000048. The orange moving average is currently at $0.00000496, which is the immediate technical target. This level acts as effective resistance protecting the $0.000005 threshold.
A daily close above both could direct attention toward $0.0000052–$0.0000054 and provide SHIB with its most distinct short-term breakout signal since the July surge. Beneath the current price, a developing support cluster is also present. The green moving average is at about $0.00000465, while the blue moving average is lower at roughly $0.00000446.
The higher price range established following the July spike would be maintained if these levels hold. The bullish scenario is somewhat supported by momentum. The daily RSI sits comfortably outside overbought territory at 55, above its signal line at 52.6. In other words, SHIB has potential for further upside without immediately stretching its momentum.
Not enough fuel
The volume is the primary flaw. During the late-July move, trading activity surged, but it has since drastically decreased. This reduces the credibility of the current advance and raises the significance of confirmation at $0.000005.
The broader bearish structure of SHIB would not be entirely reversed even by a successful breakout. Near $0.00000587, the 200-day moving average is still much higher and is still declining.
However, the level that counts for the time being is $0.000005. Another rejection would probably keep the token stuck around $0.0000045–$0.0000050; breaking and holding above it would turn SHIB's recent stabilization into a more credible recovery attempt.
U.Today Editorial Team
Dan Burgin
