Shiba Inu's Breakout Halted at $0.0000055 Supply Zone

The memecoin market has seen significant gains over the past week, outperforming both Bitcoin and Ethereum. Dogecoin often sets the direction for the sector, but Shiba Inu has been performing even better, with a 5.78% daily gain and 6.37% weekly gain.

The question remains: how will this trend continue throughout September? Looking at technical indicators, Shiba Inu's downtrend may be weakening. The MFI has hovered around neutral-50, while the CMF climbed above +0.05 in late August and early September, indicating sizeable capital inflows.

However, traders are advised to wait for a bullish trend shift on the daily timeframe or look to sell a $SHIB rally into key supply zones. This is because Shiba Inu has yet to clear the pivotal short-term resistance zone at $0.0000055.