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SHIB Shiba Inu makes progress above key support levels
Shiba Inu has recently tried to rebound from its August lows, but its price trend has not yet shown strong upward trend signals. In the last 24 hours of trading, SHIB has gained nearly 3%, with prices hovering around $0.0000535. It successfully climbed above multiple moving averages in the range of $0.0000500 to $0.0000507.
Key thresholds in the technical outlook
The areas where these moving averages are located constitute the main support area in the short term. The uptrend line that has formed since the August low has further consolidated the bullish position. However, it is difficult for SHIB to maintain a position above $0.0000540.
In August, although SHIB briefly rose to US$0.0000620, strong selling pressure caused its price to decline. To retest this high, SHIB must break the long-term key moving average near $0.0000568.
Overcoming the $0.0000568 barrier will significantly solidify the technical structure of recovery. Conversely, if the support of US$0.0000500 is lost, the current upward pattern may weaken.
Does the momentum indicator point to optimism?
The momentum indicator presents a blurred picture. The daily relative strength index (RSI) stayed at 57.6, indicating that the market remained above the neutral threshold of 50, with bulls having a slight advantage. However, since the indicator is still far from the limit of sending a strong upward momentum signal, this suggests that the upward momentum remains weak.
This suggests a gradual recovery rather than a decisive breakthrough. Maintaining support areas and showing stability at higher resistance levels are vital strategies for SHIB in order to push prices forward.
Cash and futures markets release mixed signals? [TAG
Spot market data reflected cautious optimism. In the past 8 hours, SHIB's net spot flow was minus US$271,000; in the past 4 hours, this figure was minus US$210,000. Continued negative net flow statement notes that coins are being withdrawn from exchanges, which may reduce immediate selling pressure.
As a meme token based on the Ethereum network, SHIB ranks among the top cryptocurrency assets by market value. However, the impact of these spot flows is not significant compared to the total market cap of $3.16 billion. While negative spot flows may reduce selling pressure, their size remains limited relative to the total market value of SHIB.
In the futures market, the pattern remains uneven. The number of open interest contracts varies significantly between exchanges, with approximately US$112,000 cleared in the past 24 hours. This suggests a lack of clear and strong consensus on direction among market participants.
If it remains above the support level of US$0.0000500, the recovery pattern will continue. If SHIB falls below this level, it risks falling to the range of $0.0000480 to $0.0000440, which will worry bullish traders.
