SHIB Tries Again: Token Within Reach of Crucial $0.000005 Threshold
Shiba Inu (SHIB) has made another attempt at recovery after its late-July volatility spike. The token rose nearly 2% on the daily candle to around $0.00000471, bringing it back above its shortest moving average and within striking distance of the psychologically significant $0.000005 level.
The current structure appears much better compared to July, when SHIB produced an explosive move toward $0.0000058 after bottoming at $0.0000041, $0.0000042. Despite a swift rejection of that spike, the price has stabilized between $0.0000046 and $0.0000048.
The orange moving average is currently at $0.00000496, which acts as effective resistance protecting the $0.000005 threshold. A daily close above both could direct attention toward $0.0000052, $0.0000054 and provide SHIB with its most distinct short-term breakout signal since the July surge.
The bullish scenario is somewhat supported by momentum, with the daily RSI sitting comfortably outside overbought territory at 55, above its signal line at 52.6. However, the primary flaw remains volume, which drastically decreased after the late-July move and reduces the credibility of the current advance.