Shiba Inu Tests Critical Resistance in October Recovery
Shiba Inu (SHIB) is currently trading above its key daily moving averages at around $0.00000587, with October’s recovery facing an early test at $0.00000600. The token has shown resilience, holding above its 20-day, 50-day, 100-day, and 200-day simple moving averages. However, the weekly resistance level at $0.00000596, just below $0.00000600, remains a critical hurdle for SHIB to overcome.
CoinGlass data indicates liquidation clusters around $0.00000610, $0.00000630, suggesting significant trading activity in these price ranges. The weekly Relative Strength Index (RSI) stands at 52.26, while the daily Chaikin Money Flow remains positive at 0.16, indicating improving momentum but not yet overbought conditions.
Shiba Inu’s recent recovery began before its launch on Solana through Sunrise on October 4. The token became tradable on platforms like Raydium, Jupiter, and Phantom, with initial trading volumes reaching approximately $300,000 across 1,401 wallets. Despite this new trading venue, SHIB’s price action has been driven by broader market dynamics rather than the Solana launch alone.
For October, the immediate focus is on whether SHIB can break through the $0.00000596, $0.00000600 resistance zone. If successful, the next targets would be $0.00000610 and $0.00000630. A failure to clear this resistance could lead to a pullback towards the $0.00000545, $0.00000550 support area, with further downside risk near $0.00000530.