Shiba Inu Price Rebound Tests Key Breakout Level

Shiba Inu's price has rebounded from its September lows, reaching $0.00000590 after the rebound. This recovery comes after a brief pullback, putting it directly below a resistance area that could determine whether the current rally turns into a larger one.

The recent technical analysis suggests that the first important breakout level is around $0.0000060-$0.0000061. If SHIB can clear this zone with stronger buying volume, the next upside area comes into view around $0.0000067, followed by approximately $0.0000072.

SHIB has already recovered from its September breakdown, and the current setup looks considerably stronger than it did earlier this month. The token's burn rate has also increased, with 72.23 million SHIB removed in 24 hours on September 20, sending the daily burn rate up more than 31,000%.

However, burns are just one aspect of the market, and price still matters more. If SHIB falls back below roughly $0.0000057 instead, the latest rally would start looking more like another temporary bounce.