SHIB Price Stuck in Downtrend as Resistance Level Remains Intact

Shiba Inu (SHIB) is still trading within a dominant downtrend despite a recent rebound, with its price hovering around $0.00000462. A convincing structural reversal has not been established yet.

The rejection around $0.00000500 is the main issue for SHIB, as it failed to sustain its breakout above this level in late July. The asset did momentarily reach about $0.0000058, but buyers were unable to hold on to their gains.

A short-term support zone exists between $0.00000446-$0.00000464, where the faster moving averages are concentrated. However, another attempt at recovery would be feasible if SHIB remained above $0.00000445.