The last attempt at a recovery in the Shiba Inu price was short-lived. After an accelerated rise with strong volume support, SHIB gave back a significant part of its gains. The movement, which was supported by the transaction volume increasing approximately 12 times and raised the price by 40 percent, created an expectation of a more permanent return in the market in the first stage.
Uptrend momentum stopped at resistance
The appearance in the first table was striking. SHIB broke above its short-term moving averages, accompanied by one of the strongest daily volume gains of the year. Such volume jumps have increased investors’ interest because they may result from new buyers entering the market and not just from short position closing.
However, the rise did not continue. Sellers stepped in near the $0.00000503 level, where the 100-day exponential moving average is located. The price retreated above this threshold and fell below this level again. This move showed that buyers were having a hard time maintaining the initial momentum.
Although the strong volume increase in SHIB initially gave the impression that new demand was returning, selling pressure in the $0.00000503 region prevented the rise.
The expected technical signal has not occurred yet
The most striking result of the withdrawal was the shelving of the mini gold intersection expected in the market. This structure, which was expected to form between the 20-day and 50-day exponential moving averages, was watched as an early signal that could indicate that the short-term momentum was strengthening. With the latest decline, the difference between the two averages has widened again.
Mini dictionary: Exponential moving average is a technical indicator that gives more weight to recent price data. A golden cross occurs when the short-term average rises above the longer-term average and is often viewed as a sign of a strengthening trend in the market.
A similar weakening was seen on the volume side. Trading activity, which rose sharply during the initial breakout, fell markedly as the price pulled back. This outlook suggests that the first wave of buying has been largely met and fresh demand is needed for a new upward movement in the market.
Support and resistance levels stand out
On the technical outlook, SHIB is currently stuck between key support and resistance zones. The $0.00000448 level, where the short-term averages meet, stands out as the first support. Preservation of this zone may ensure that at least part of the recent fracture structure remains valid.
| Level | Type | Importance |
|---|---|---|
| $0.00000448 | Support | Monitored to maintain short-term structure |
| $0.00000503 | Resistance | 100-day EMA, the area where the last rejection occurred |
| $0.00000602 | main resistor | 200-day EMA defines broader downtrend |
If the $0.00000448 support is lost, it seems possible that SHIB will return to the horizontal band seen throughout most of July. On the upside, the $0.00000503 resistance must be overcome again before the $0.00000602 level, where the 200-day exponential moving average is located, which determines the broader downward trend.
The retreat of the RSI indicator from the overbought zone to the neutral zone reflects the weakening of buying appetite after the sharp rise.
The loss of power on the momentum side is also notable. The RSI indicator’s shift from the overbought region to neutral levels revealed that the buying pressure was rapidly decreasing after the last rise. Thus, SHIB’s strongest recovery attempt in recent months lost momentum before it turned into a full-scale trend reversal.
