Shiba Inu has experienced an eventful week, transitioning from a period of investor concern to renewed optimism. Following a dip to a seven-day low, SHIB found crucial support at the $0.0000089 level, a price point that has been tested during significant market downturns in both 2024 and 2022.
Historically, this support level has been a catalyst for sharp price rallies, and on this occasion, buyers re-entered the market. This resulted in an 11.5% surge in trading volume, indicating renewed investor interest and the potential for accumulation.
Technical Analysis Shows SHIB Holding Strong Support
From a technical perspective, SHIB has demonstrated positive price action. The current daily gain stands at 0.52%, with the price reaching $0.000008961. Over the preceding 24 hours, the cryptocurrency saw a high of $0.000009219 and a low of $0.000008834.
The resilience of the $0.0000089 support level has been a key factor in triggering past upward price movements. The current Relative Strength Index (RSI) reading of 38.28 suggests that SHIB is in short-term oversold conditions, which often precede a price rebound.
However, SHIB continues to face significant challenges. The token is currently trading below key moving averages, including the 50-day moving average, which is positioned at $0.00001027.
For a more robust reversal to be confirmed, SHIB needs to achieve a closing price above $0.0000093. Such a breakout could compel short sellers to close their positions, potentially driving the price towards the $0.00001027 mark. Conversely, failure to maintain support could lead to a decline towards the $0.00000745 zone.
T. Rowe Price Includes Shiba Inu in ETF Filing
In a notable development, Shiba Inu has garnered recognition from major institutional entities. T. Rowe Price, an asset manager with $1.7 trillion in assets under management, has filed with the U.S. SEC for a new cryptocurrency exchange-traded fund (ETF) that includes SHIB.
This inclusion represents a significant milestone for Shiba Inu, marking the first instance of the cryptocurrency being officially recognized in such a filing. This institutional acknowledgment may indicate a changing perception of meme tokens like SHIB among institutional investors.
Despite the positive technical indicators, the market remains highly volatile. The 24-hour trading volume has decreased by over 50%, reflecting ongoing market uncertainty.
As SHIB works to sustain its current support levels, traders are closely monitoring its future price movements. The ability of SHIB to achieve a breakout or experience further declines will depend on its capacity to maintain momentum and the broader market's ability to sustain its recovery.