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Shiba Inu (SHIB) rebounded from around $0.000005843 after early selling pressure, shifting from a brief dip into a recovery phase. Strong buying momentum pushed the price higher, forming higher lows and steady gains toward the $0.000006089 area. The short-term structure now appears bullish as buyers hold above prior resistance levels.
Despite the rebound, the $0.0000059–$0.0000060 zone remains a critical support area. Maintaining price above this range is key to preserving upside momentum and reducing the risk of a deeper retracement. At the time of writing, SHIB is trading at $0.000006113, up 5.02% over the past 24 hours.
Analyst Ali Martinez said SHIB is trading near the lower boundary of a long-term descending channel on the weekly timeframe. The recent move below the $0.00000667 support level suggests sellers are gaining control, with price action showing weak momentum and limited buying interest at current levels.
Martinez noted that if a channel breakdown is confirmed, SHIB could move toward a $0.00000138 target. This level is described as a major historical support zone from prior cycles, and a move there would indicate a bearish continuation of the long-term structure. Bulls would need to reclaim the broken channel quickly to shift sentiment; without a strong recovery, downside risks are expected to remain dominant.
On the 1-day timeframe, SHIB remains in a bearish trend, trading around $0.00000607 amid continued lower highs. A rejection near $0.00000815 reinforced selling pressure and accelerated the decline. Price is still below the mid-range resistance at $0.00000676, keeping the broader structure weak even as short-term stabilization appears.
The Bollinger Bands show SHIB hugging the lower band near $0.00000537, indicating strong downside momentum. The middle band around $0.00000676 is acting as dynamic resistance. On the MACD, both lines remain below zero, with the MACD near -0.00000052 and the signal line near -0.00000047. The negative histogram suggests bearish momentum remains in control.
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