After months of continuous decline and lackluster trading activity, Shiba Inu is showing signs of a potential reversal. At the time of writing, the trading price of SHIB is approximately $0.0000113, indicating that despite the generally weak meme coin sector, there is a slight but noticeable local uptrend.

According to the chart, SHIB has been consolidating above a key support level, which is between $0.0000095 and $0.0000110. This area has consistently absorbed selling pressure over the past few weeks, providing motivation for any rebound attempts.

Additionally, the Relative Strength Index (RSI) has moved out of the extreme oversold territory, with the current trading price near 42, suggesting that the bearish momentum is finally weakening.

In past recoveries, these moving averages often herald the beginning of a counter-trend rebound. If the price can retest and break through the next resistance level, particularly the 50-day exponential moving average (EMA) around $0.00001286, it would support the notion that the asset is shifting from a downtrend to a broader recovery phase.

Compared to the high volatility period earlier this year, trading volume remains relatively subdued, so traders should not expect explosive breakouts. However, the trend of local lows rising suggests that buyers are gradually regaining confidence. If SHIB can continue to rise and recover the range of $0.0000130 to $0.0000140, it would demonstrate that the market is indeed entering a reversal phase rather than another dead cat bounce.