Shiba Inu has entered a decisive phase after weeks of downward pressure. At the time of writing, SHIB is trading at around $0.000008440, suggesting a 2.7% surge in the last 24 hours. SHIB price chart, Source: CoinMarketCap The meme coin trades below all major moving averages while attempting to establish a base near recent lows. Technical indicators suggest a potential shift in momentum, though the broader trend remains firmly bearish. The cryptocurrency has formed a shallow ascending pattern after hitting bottom in late November. This consolidation marks a departure from the aggressive selling that characterized previous weeks. Volume has declined significantly compared to earlier breakdown phases, signalling reduced panic among holders. Technical Structure Shows Mixed Signals The 50-day, 100-day, and 200-day exponential moving averages all sit above current price levels. Each indicator slopes downward, confirming continued weakness in the asset's overall trajectory. SHIB must reclaim these levels before any sustainable recovery can take hold. Recent price action reveals seller exhaustion rather than renewed buying interest. The token no longer experiences sharp drops but instead compresses into a tight range. This behaviour typically precedes a volatility expansion, though the direction remains uncertain. Source: TradingView The Relative Strength Index holds neutral territory without entering deep oversold zones. SHIB maintains a position above its most recent local lows, creating potential for a relief bounce. However, buyers must prove themselves capable of pushing through resistance at the declining 50 EMA. Volume patterns deserve attention. Dead cryptocurrencies bleed continuously without consolidation periods. SHIB's current sideways movement suggests the asset retains some market interest despite extended weakness. This distinction matters for traders evaluating entry points.
