The Shiba Inu coin has shown a notable comeback this week, with chart indicators pinpointing the exact moment of its resurgence. SHIB experienced a drop into the daily midband, a level it had consistently fallen below for most of November. However, instead of continuing its decline, buyers intervened and successfully defended this critical support level, as clearly depicted on the TradingView chart.
The price of Shiba Inu coin rebounded from the $0.0000085 zone, closing the trading period near $0.00000861. This represents one of the most robust defenses the token has demonstrated in recent weeks.
This particular development is of significant interest to traders. When SHIB manages to defend the midband after an extended period of trading below it, the market sentiment shifts. The selling pressure that fueled the entire November slide appears to have abated, and sufficient demand emerged to maintain a green candle in an area where previous attempts to rally had collapsed.
While this does not signal a complete reversal of fortunes, it does present bulls with an opportunity they have not had since the beginning of autumn.
Future Trajectory for Shiba Inu Coin
The Bollinger Bands offer insight into the potential next movements for Shiba Inu. The upper band is currently positioned around $0.0000102, which will serve as the initial significant resistance level if the current defense of the midband translates into sustained momentum. The immediate objective for buyers is to maintain a position above $0.0000084 to keep investor interest alive. A failure to hold this area could see SHIB retrace towards $0.0000078, the location of November's lows.
While seasonality is not a definitive factor, it can add context to market behavior. December has historically presented a mixed picture for SHIB, characterized by both substantial gains and significant losses. The average performance for December leans negative, yet some positive outliers suggest that late-year rallies are not unprecedented.
Shiba Inu remains down 59% year-to-date and is considerably below its all-time high of $0.0000249. Consequently, the market does not require a miraculous turnaround. Instead, it needs buyers to consistently defend the current support level that was successfully held today. Technical indicators suggest that the opportunity exists for such a defense, and SHIB's performance will depend on its ability to maintain this crucial price point.