Shiba Inu Noses Against Key Demand Zone—Can the Memecoin Relive Its Glory Days?

Dogecoin’s fiercest competitor taps a critical support level—just as retail traders start sniffing around crypto again. Cue the ’when lambo’ tweets.

The 2021 pump that turned Shiba Inu into a household name (and a few bagholders into millionaires) feels like ancient history. But with SHIB hovering near a make-or-break zone, degens are placing bets on history repeating itself.

Technical analysts point to the $0.000012 level as the line in the sand. Break below it, and SHIB risks becoming another dead meme coin. Hold here? The crypto casino might just spin the wheel again—because nothing fuels a rally like FOMO and institutional FOMO-chasers pretending they ’believed all along.’

Source: TradingView

The $0.00001413 level has proven to be a strong demand zone historically. In fact, price bounced from this zone in past cycles, signaling buyer interest.

SHIB stochastic RSI suggests a potential rebound

Adding weight to this outlook is the behavior of SHIB’s stochastic RSI.

As of writing, the RSI was approaching an oversold region, which is typically interpreted to indicate that price recovery is near. This action is by the expectation that the current demand zone can trigger a reversal.

In the past, deeply oversold stochastic RSI levels have preceded price recoveries, especially when paired with solid support zones. This convergence of technicals gives SHIB a real shot at recovery soon.

Rising inflows versus falling network activity

Having said that, network data tells a different story.

According to CryptoQuant, Active Addresses have steadily declined since the 11th of May, dropping from over 5,000 to nearly 3,200.

A dip in active wallets often signals fading demand or cooling retail participation.

Source: CryptoQuant

Interestingly, this SHIB bearish sentiment is being countered by a sharp spike in Exchange Inflows over the last 24 hours. The inflow could suggest that traders are positioning for potential price action.

While exchange inflows are not inherently bullish, in this context, paired with the demand zone and RSI reading, they may indicate an accumulation rather than sell pressure.

Source: CryptoQuant

Can technicals overpower weak fundamentals?

The current setup is a tug-of-war between bullish technical signals and bearish network activity. Price action, for now, seems more responsive to the positive on-chain developments.

As long as SHIB keeps holding the $0.00001413 support zone, the path of least resistance may remain to the upside.