Shiba Inu Price Attempts Rebound, Can It Clear $0.00001311 Resistance?

Shiba Inu is making a modest rebound after an extended downtrend. It is currently gaining 1.09% in the last 24 hours to trade at $0.00001239. Despite the slight uptick, SHIB remains down 8.2% over the past week, hinting at the cautious sentiment among traders. With a market cap of $7.3B and an intraday trading volume matching that figure. 

SHIB’s short-term trend hinges on both technical resistance and ecosystem developments. Particularly around the Shibarium layer-2 network. Successively, the Shibarium governance vote scheduled for tomorrow could be detrimental in Shiba Inu’s price trend.

Shiba Inu Price Analysis:

On the 4-hour chart, SHIB has bounced from its recent low of $0.00001138. Which was the July bottom, and is now trying to reclaim lost ground. The RSI has risen from 38 to 47.19, indicating improving momentum, yet it remains below the neutral 50 level. More importantly, price is still trading below all major moving averages, including the 20-period Bollinger Band SMA at $0.00001218 and the critical 50-day EMA at $0.00001311.

Bollinger Bands are tightening, suggesting reduced volatility and a possible upcoming breakout. Immediate support lies at $0.00001205 and $0.00001111, with resistance levels visible at $0.00001311 and $0.00001445. A failure to break above the 50-day EMA could result in another decline toward the $0.00001100 zone. 

While the technical rebound provides short-term relief, the weak on-chain conviction hampers the enthusiasm. The RSI suggests a potential for further upside, but the lack of volume limits the strength of this move. Unless SHIB price breaks past $0.00001311 with volume confirmation, this rally risks being short-lived.

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