- Shiba Inu rebounds above $0.000006—signaling potential for a recovery.
- SHIB struggles below key moving averages, but support holds steady.
- Can Shiba Inu break resistance and sustain a longer uptrend?
After facing months of relentless selling pressure that drove its price to a significant low, Shiba Inu (SHIB) appears to be staging a tentative recovery. Earlier this week, SHIB fell below the critical $0.000006 mark, sparking concerns of an ongoing decline.
However, the token has since regained this level, suggesting that the bearish momentum may be easing. Buyers have begun to step in at these levels, leading to a slight price rebound. While it’s a positive sign, SHIB still remains below key moving averages, which continue to slope downward, indicating that the overall trend is still bearish.
The $0.000006 price point is now seen as a crucial support level for SHIB. This level’s recent reclamation is particularly important as it might serve as a foundation for a potential recovery. If the token can hold above this level, it could signal the beginning of a more sustained upward movement, breaking free from its current bearish trend.
On the other hand, a fall below $0.000006 could increase selling pressure and bring the token closer to previous lows. Consequently, how SHIB performs around this level in the coming days will likely dictate its next major move.
Can SHIB Build on Recent Momentum?
While the recent bounce above the $0.000006 mark is an encouraging development, it is still uncertain whether it marks the start of a longer-term uptrend or is merely a brief pause in a continuing downtrend.
SHIB has struggled with sustaining upward momentum in the past, and the market sentiment remains fragile. Altcoin investors, in particular, are navigating a highly volatile landscape, which adds to the uncertainty surrounding Shiba Inu’s recovery.
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Source: Tradingview
Nonetheless, momentum indicators suggest that the intensity of the sell-off has decreased, which could allow for consolidation and potential upward movement if SHIB can maintain support at $0.000006. A steady price above this critical level could pave the way for SHIB to target higher resistance zones, offering traders opportunities for short-term gains.
Risks of Another Decline Still Linger
However, despite the recent stabilization, the risks remain significant. SHIB has experienced multiple failed rallies, and the altcoin market sentiment is still shaky. As a result, long-term investors will need to remain cautious, particularly if the token struggles to hold the $0.000006 support level. Should it drop below this zone, a further bearish turn could be on the horizon.
For now, Shiba Inu is at a pivotal point, and the next few days will likely determine whether it can solidify its recovery or face another round of declines. How SHIB reacts to the $0.000006 level could be the key to unlocking a major price rebound or confirming that the downtrend is far from over.
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