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Shiba Inu may settle after weeks of upheaval. After a sharp decline that erased most of its short-term gains, the meme token now appears to have established a solid zone of fundamental support that could pave the way for a comeback.
Key level Shiba Inu
Currently trading at around $0.0000101, SHIB is at a key technical level that has historically acted as both a support and resistance zone. The asset has tested this area several times in the last few sessions and each time there has been buying interest, suggesting that the market may be preparing for a recovery.
Moreover, after the panic-induced drop in early October, price action began to level out. Declining trade volumes are a common indicator of consolidation ahead of a possible move. On the other hand, the Relative Strength Index (RSI) is currently trading near 38, indicating that SHIB is in slightly oversold territory, a technical condition that often precedes a brief rally.
SHIB needs more
SHIB it made three touches of its uptrend line support, creating a recognizable base from a structural standpoint. In the past, notable upside reversals have been initiated by comparable multi-touch levels. SHIB may regain the $0.000011-$0.000012 range if this support holds, with a more aggressive target near $0.000013, where the 200-day moving average (black line) currently resides.
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However, caution is still required. As the moving averages, especially the 50-day and 100-day (blue and orange lines) continue to decline, the overall trend is still bearish for now. SHIB it must close firmly above these levels, indicating renewed market strength, before the bulls can fully take control.
However, this recent stabilization gives hope to holders. SHIB may finally be laying the groundwork for a longer-term rally now that support has been thoroughly tested and selling pressure is easing. If the momentum continues, there could be a quick reversal that turns this support zone into the starting point for the next SHIB rally.
