Crypto Markets: Shiba Inu Struggles to Sustain Rebound

Shiba Inu (SHIB) is still trading within a dominant downtrend despite its recent rebound, and a convincing structural reversal has not been established. SHIB momentarily broke above $0.00000500 at the end of July but was unable to sustain the breakout.

The price has some short-term support below it, with a technical support zone around $0.00000446-$0.00000464 where the faster moving averages are concentrated. Another attempt at recovery would be feasible if SHIB remained above $0.00000445.

However, participation is the issue, as volume increased significantly during the first breakout but has since decreased. A sustained move through $0.00000500 could result in a reopening of $0.0000055 and eventually the 200-day moving average close to $0.00000588.