The cryptocurrency Shiba Inu has made a notable turn, avoiding a drop into the five-zero zone and rising back to the $0.000011 level. This growth has sparked cautious optimism in the meme coin market, despite ongoing selling pressure.
Technical Analysis and SHIB Growth
From a technical standpoint, SHIB's recovery is evident. On June 23, a strong green candle was formed, resulting in a 1.38% gain and pushing the price to approximately $0.00001173 USDT. This rise occurred right above a previously tested local bottom, providing bulls with the opportunity to regain minimal control.
Resistance Levels and Movement Potential
The immediate resistance to watch now is the 26-day EMA, currently near $0.00001221, which has served as a rejection zone multiple times before. A successful breakthrough above this level would be the first sign of reversal confirmation, potentially opening the way toward testing the 50 EMA and further consolidation levels near $0.000013.
Overall Outlook and Market Sentiment
Despite this modest turnaround, the broader downtrend cannot be ignored. SHIB remains below its 100 and 200 EMA bands, and the long-term sentiment continues to tilt bearish. Until bulls can reclaim higher EMA levels and maintain momentum, this U-turn may end up being a short-lived relief rally rather than a sustainable shift in trend.
In short, Shiba Inu may have dodged a zero for now, but the burden of proof remains on the buyers to push through meaningful resistance.
