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Key areas to watch as Shiba Inu appears to be approaching an important turning point after months of persistent selling pressure.
Although Shiba Inu ($SHIB) remains caught in a broader crypto market downtrend, its latest chart structure suggests bearish momentum is beginning to fade. The next big step in confirming a recovery is if buyers can reclaim critical resistance levels.
$SHIB Holds Support as Selling Pressure Begins to Ease
The daily chart shows $SHIB stabilizing just above a major support area around $0.0000040, where its price is attempting to establish a durable base. Shiba Inu has consolidated there for several days, marking a crucial attempt by buyers to defend support areas after a prolonged decline.
Shiba Inu 1D Chart Analysis
Interestingly, besides holding the support, the broader technical setup has started to improve. The Relative Strength Index (RSI), which had fallen into oversold territory, is now turning higher.
The indicator fell below 30 on two occasions last month, dropping to 19.54 on June 5 and 21.44 on June 28. Today, $SHIB’s RSI has recovered to 32.94. Historically, this type of movement has often appeared when downside momentum begins to weaken.
At the same time, volume has remained relatively subdued, suggesting that aggressive selling has eased compared with previous periods. These developments point to a gradual momentum shift from the extended decline seen earlier to a more stable market condition.
Even so, the prevailing trend has not yet changed. $SHIB continues to move below a descending resistance line that has rejected every recovery attempt since May 11. Until that barrier gives way, a reversal that would start a bull run remains unconfirmed.
Initial Shiba Inu Take Profit Areas Upon Breakout
The descending trendline is now the most important technical level to watch, currently around $0.00000451. A decisive move above this zone would strengthen the case that buyers are regaining control and could shift momentum bullish.
If that happens, the first significant resistance level lies around $0.0000051, an 18% increase from the current market price of $0.0000043. A successful move beyond that area would bring the second take-profit area at $0.0000055 into focus. Meanwhile, a sustained momentum could see $SHIB reach $0.0000066, a 52% growth from the current price.
However, those levels are only initial targets. When bulls fully regain control of the broader crypto market and upward momentum returns across the board, Shiba Inu could target higher prices.
Downside Risk Remains
Notably, since bears are in control of the market, downside risks cannot be fully eliminated despite the positive signs. Should the current support at $0.0000040 break, Shiba Inu could target lower prices.
According to an analysis, the first floor is at $0.00000241, aligning with the 1.272 Fibonacci extension. $SHIB would have to fall 44% from the current market price to reach this level. Meanwhile, the second floor sits at the 1.414 Fibonacci extension at $0.00000155, a 64% crash from here.
