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On the cryptocurrency market, every stormy rally is always followed by severe tests. In June 2024, the Shiba Inu ($SHIB) token found itself at the center of such a storm when a long decline broke below the important $0.00000480 support, according to the TradingView chart.
However, after entering a temporary dead end, a sudden wave of buyers has stepped in, giving the once-popular coin a fresh spark as it attempts to map out a long-term roadmap back toward the elusive $0.00001 mark.
Shiba Inu ($SHIB) daily price chart with RSI and moving averages attached, Source:
TradingView
The RSI indicator points to the fact that sellers previously went too far, as it dropped to a critically low level of 27. This deep oversold signal is precisely what gave the bulls their cue to finally show up.
Will $SHIB mount a recovery to $0.00001?
The nearest barrier, the 23-day line at $0.00000519, is the first major test for this new bullish momentum. Slightly higher sits the 50-day line at $0.00000573, from which the price strongly bounced downward in May.
The main trend reference point remains the heavy 200-day line at $0.00000664, which confirms the historical dominance of sellers but now acts as the ultimate target if buyers manage to keep control.
In this environment, the roadmap and its key scenarios for $SHIB can be divided as follows:
- Bull Case: Sustaining the current buying pressure above $0.00000480 opens the path to clear out resistances at $0.00000519 and $0.00000573. Overcoming these hurdles is the mandatory first step required to open the doors for a macro rally toward the $0.00001 target.
- Bear Case: If this sudden bullish defence fails and the local bottom at $0.00000430 falls, the roadmap is invalidated. In that case, the price could quickly drop toward the psychological level of $0.00000390.
- Neutral Scenario: Without a massive, sustained inflow of big money, the token will simply get stuck in a narrow consolidation corridor between $0.00000430 and $0.00000480.
Against the backdrop of the price defense, the $SHIB ecosystem itself is showing solid progress and attracting major players. This week, Japanese giant Mercari opened access to the token for its 23 million clients, while the American platform Kalshi has already filed for $SHIB futures.
However, the coin still has to battle a global outflow of money from the crypto market, and it's fair to assume that $SHIB price fully depends on whether this new inflow of liquidity can turn into a lasting trend.
Holders should closely watch the price behavior near the key moving average barriers, because that is where the validity of the $0.00001 roadmap will be decided.
