Shiba Inu saw a minor price increase, which raises recovery expectations, but a closer look at the chart shows there is not much of a foundation for a full-blown bullish retrace. SHIB's longer-term future does not look as bright as one would like to see.
The price of SHIB is currently around $0.00001352, which indicates a slight increase from its most recent lows. The truth is different from what might seem to be a recovery. The asset is still well below its downward trendline, which has served as resistance for a long time. Gains in the short term should be regarded cautiously until SHIB breaks above this crucial level.
SHIB/USDT Chart by TradingView
The overall trend is still bearish, with lower highs and lower lows creating a traditional downward pattern. Just a retracement, the most recent price movement was probably caused by short-term traders profiting from oversold conditions. SHIB needs to surpass the indicated trendline, which is presently located close to $0.00001497 in order to make a real recovery. A robust breakout above this mark backed by a sizable volume would suggest that bullish momentum is starting to return.
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Without this, SHIB is still susceptible to additional drops. Another leg down is probably in store if SHIB is unable to break above its key resistance level. A break below $0.00001200, the next significant support level, might lead to a further decline. Conversely, if SHIB is able to rise above $0.00001500, it may test higher resistance levels close to $0.00001680 and beyond.
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Even though SHIB has recently recovered, it is not in recovery mode. The asset is still stuck in a downward trend; a possible change in momentum would only be indicated by a break above the trendline resistance. Any upward movement until then should not be seen as the start of a new bullish phase but rather as a brief correction.
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