It seems that Shiba Inu is waking up as the price performance of the asset is normalizing. The asset's price gained around 11% to its price and is now exhibiting signs of upward momentum, showing signs of a breakout in the future.
The point of strong buying support is at around the $0.000014 level, which successfully prevented the aggravation of the downtrend. The mini-rally pushed the price above $0.000016, marking 4.3% growth in the last 24 hours. For now, no clear local resistance level has been formed to determine the point where things might return to normal.
SHIB/USDT Chart by TradingView
To sustain this retrace further, though, SHIB must break above the $0.00001790 resistance level, which previously already acted as a significant cluster of sales for SHIB. A successful breach of this level could open the doors to further gains, with the next significant resistance sitting at $0.00002000. However, the full-blown reversal will happen only after a decisive move past $0.00002200.
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In terms of local support levels, the $0.0000145 level is here to stay above the critical price level. The bearish phase for SHIB will certainly aggravate if the price peeks below this level.
Some technical indicators like RSI hint at the momentum shift and the surge of trading volume supports the local reversal. There is some buying interest, but it is certainly not clear if it will be enough for a reversal into more substantial price clusters.
As long as SHIB maintains support above $0.00001450 and breaks through key resistance levels, the meme coin could be set for a proper recovery, but without institutional investors, it is unlikely to gain more serious upside momentum.
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