$425 Million SHIB Breakout Hopes Dashed Without Key Resistance Clearing

Shiba Inu (SHIB) has seen a significant breakout in recent days, increasing its market capitalization by $425 million after surging nearly 4% in value.

This move appears stronger than previous price action in August, with momentum indicators turning upward and volume increasing in tandem with the green candle.

The return of SHIB above its shorter-term moving averages is a key technical development, particularly as it tests resistance between $0.00000489 and $0.00000500, a region that has consistently restricted upside attempts since August.

The daily RSI has moved toward bullish territory without hitting the traditional overbought threshold of 70, but on-chain exchange data remains inconsistent, with netflows still significantly negative at about 207.3 billion SHIB.