Shiba Inu (SHIB) Price Holds Strong—Comeback Before the Surge?

Shiba Inu (SHIB) was trading at $0.00001126 as of press time. This comes to represent a 3.68% rise over the last 24 hours, however, a 12.41% fall over the previous week. 

Despite recent market volatility, SHIB continues to trade above the key $0.000010 level. This was a long term support zone and it was being regarded as a necessary barrier for the price to fall any further.

SHIB has tested this support level multiple times over the last year. Each time, it bounced back, suggesting steady buying interest at this price range. Current price movement shows that SHIB is holding its ground, even as many altcoins face pressure. The token’s ability to stay above this level is being watched closely by market participants.

Source: TradingView

Declining Volume Suggests Selling May Be Slowing

SHIB’s trading volume over the last 24 hours reached $377.7 million. Despite this volume having been high recently, it has slowed down in recent sessions. 

That would indicate the heavy selling in previous weeks may be starting to fade. Volume declines usually mean sellers’ pressure declines, unless the price remained unchanged.

SHIB’s market cap stands at $6.66 billion with a circulating supply of 590 trillion tokens. While the broader market remains cautious, SHIB’s stability is raising questions among some traders. 

Oversold RSI Points to Possible Rebound

Technical indicators are also showing signs of potential price movement. The Relative Strength Index (RSI) has fallen to 35, entering the oversold range. This suggests that SHIB could be undervalued at current prices and may attract renewed interest from buyers.

Market watchers are also noting that SHIB is resisting a sharp drop even during wider liquidation events. Several altcoins have fallen below their key supports, yet SHIB is still maintaining its position. The current trend may shift if general sentiment across the crypto market starts to improve.

Burn Rate Sees Sudden Increase

The Shibburn tracker shows a sharp rise in the burn rate, up by over 2 million percent in the last 24 hours. However, only 13.3 million SHIB were burned during this time. The largest single transaction involved nearly 10 million SHIB being sent to an unspendable wallet.

Weekly data shows about 191 million SHIB were burned, a sharp drop of 82% compared to the previous week. This decrease in weekly burns shows mixed signals. One trader said that “the volume is down, the burn is down, but somehow the price is still here. That’s the odd part.”

Looking forward, SHIB is facing resistance at $0.0000128 and $0.0000138. If it moves past these levels, the next test could be the 50-day moving average near $0.000015. 

For now, holding above support will be key. A break below $0.000010 could bring new downward pressure, while a move above current resistance might push SHIB toward recovery.