Shiba Inu Eyes Breakout: Will the Meme Coin Shatter $0.00001311 Resistance?

Shiba Inu’s price claws back—can the dog-themed crypto rally past its make-or-break level?

Key resistance looms at $0.00001311, a threshold that could either fuel the next leg up or trigger another retreat. Traders are watching for signs of sustained momentum, but let’s be real—this is crypto, where ‘technical analysis’ sometimes feels like reading tea leaves.

If the bulls push through, Shiba Inu could attract fresh buying interest. Fail? Well, there’s always another meme coin waiting in the wings. After all, in the casino of decentralized finance, the house always wins—until it doesn’t.

Shiba Inu is making a modest rebound after an extended downtrend. It is currently gaining 1.09% in the last 24 hours to trade at $0.00001239. Despite the slight uptick, SHIB remains down 8.2% over the past week, hinting at the cautious sentiment among traders. With a market cap of $7.3B and an intraday trading volume matching that figure. 

SHIB’s short-term trend hinges on both technical resistance and ecosystem developments. Particularly around the Shibarium layer-2 network. Successively, the Shibarium governance vote scheduled for tomorrow could be detrimental in Shiba Inu’s price trend.

Shiba Inu Price Analysis:

On the 4-hour chart, SHIB has bounced from its recent low of $0.00001138. Which was the July bottom, and is now trying to reclaim lost ground. The RSI has risen from 38 to 47.19, indicating improving momentum, yet it remains below the neutral 50 level. More importantly, price is still trading below all major moving averages, including the 20-period Bollinger Band SMA at $0.00001218 and the critical 50-day EMA at $0.00001311.

Bollinger Bands are tightening, suggesting reduced volatility and a possible upcoming breakout. Immediate support lies at $0.00001205 and $0.00001111, with resistance levels visible at $0.00001311 and $0.00001445. A failure to break above the 50-day EMA could result in another decline toward the $0.00001100 zone. 

While the technical rebound provides short-term relief, the weak on-chain conviction hampers the enthusiasm. The RSI suggests a potential for further upside, but the lack of volume limits the strength of this move. Unless SHIB breaks past $0.00001311 with volume confirmation, this rally risks being short-lived.

FAQs

The price has rebounded due to oversold RSI levels and anticipation around Shibarium governance upgrades.

It is worth noting that $0.00001311 is the make-or-break level. A clean break could open the door to $0.00001435.

Yes, if WoofSwap’s proposed upgrades pass on August 6, which is tomorrow, they could improve SHIB utility and drive new demand.