SHIB Price Rebounds From Major Support After Heavy Selloff
Shiba Inu (SHIB) has faced sharp volatility over the past week, plunging by more than 30% to test a crucial support range near 0.0000095–0.0000100 USDT, according to market data. After a steep intraday drop, buyers stepped in aggressively, helping the meme-inspired token stabilize within its broader accumulation band.
The daily chart reveals that SHIB has been consolidating after a significant downtrend, forming a descending channel pattern over several months. The recent dip below 0.0000100 USDT briefly pierced the lower green support zone before recovering back inside it, showing the first signs of demand re-entering the market.
Volume surged to nearly 585 billion SHIB, reflecting heightened trading activity as short-term traders sought to capitalize on volatility. Analysts suggest that this price behavior underscores a battle between speculative sellers and long-term holders.
“Shiba Inu’s structure remains technically weak in the short term, but the $0.0000095 floor has historically been a demand area,” According to BITX market strategists. “If bulls can reclaim and close above 0.0000115, we could see a gradual recovery toward 0.0000130 or even 0.0000145 in the coming sessions.”
Immediate resistance lies between 0.0000140 and 0.0000160, represented by the red supply area on the chart. A breakout above this level would confirm a reversal of the broader downtrend, while rejection could reinforce the current sideways range.
Below, the green support zone remains critical. A decisive close beneath 0.0000090 could open the door to deeper losses, potentially dragging SHIB toward 0.0000075, a level unseen since early spring.
Despite the recent correction, sentiment around meme tokens remains cautiously optimistic. Market participants emphasize that Shiba Inu’s resilience at support—combined with ongoing development around Shibarium—could act as a stabilizing factor.
Still, as one analyst summarized, “The market wants confirmation that this rebound isn’t just a dead-cat bounce. Sustained closes above key resistance will be the real test for SHIB in the coming weeks.”
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.