Key Insights
Shiba Inu defends $0.0000120 support, preventing further downside and easing the short-term risk of the token adding another zero.
Multiple resistance levels at $0.00001296, $0.00001324, and $0.00001450 remain key hurdles for bullish momentum to strengthen.
RSI recovery from oversold territory signals room for upward movement, though low volume limits potential breakout strength.
Shiba Inu has managed to hold the $0.0000120 support level, preventing a deeper decline after weeks of sustained selling pressure. The level had served as a significant resistance during the earlier stages of its rally and has now provided a base for stability. Market data indicates that buyers stepped in to protect this zone, reducing the immediate risk of the token’s price adding an extra zero.
Despite the support holding, SHIB remains under several resistance levels. The token is currently trading below its 50-day EMA at $0.00001296, with the 100-day EMA positioned at $0.00001324. A stronger challenge lies at the 200-day EMA near $0.00001450. These technical barriers will need to be broken for bullish momentum to fully regain control of the market.
RSI Signals Room for Growth
The Relative Strength Index has recovered from oversold conditions and is now between 44 and 45. This indicates space for further upward movement before reaching overbought levels. Price consolidation in this range may create conditions for a potential upward breakout if market participation improves.
Source: Tradingview
Trading volume remains subdued despite the recent stabilization in price. A meaningful breakout would require an increase in participation from retail traders as well as possible institutional interest. Sustained demand could help the token test resistance levels in the coming sessions.
Next Targets and Risks Ahead
If SHIB breaks above the 50-day EMA, the next price targets are $0.00001324 and $0.00001450. Surpassing these levels could shift the medium-term trend into bullish territory and potentially revive stronger rallies. Failure to maintain support above $0.0000120 could bring the $0.0000115 to $0.0000110 range into play as the next support area.
For the moment, the bullish camp has managed to defend an important price zone, preventing deeper losses. The market’s next move will depend on its ability to attract fresh buying interest and sustain upward pressure in the days ahead.
