Shiba Inu Reclaims $0.000006 After Brief Dip as Downtrend Still Presses Today

TLDR

Table of Contents

SHIB rose back above $0.000006 after slipping below the level earlier in the week.
Price remains under moving averages that are sloping down on the chart referenced.
$0.000006 is the nearest support area after the level was reclaimed.
A drop back under $0.000006 could reopen a test of recent local lows.

Shiba Inu’s is back above $0.000006 after a sharp breakdown earlier in the week. Traders are now focused on one question. Can SHIB flip $0.000006 into solid support, or is a downtrend likely?

The move marks a return above a level that recently failed during heavy selling. Price action near $0.000006 is now setting the tone for short-term trading. Market participants are watching whether bids keep appearing near that area.

SHIB retakes $0.000006 after a brief breakdown

SHIB briefly traded below $0.000006 earlier in the week after a rapid drop. It then recovered the level in the following sessions. That recovery has drawn attention because it places price back at a key round-number zone.

Recent candles show buyers stepping in near local lows, and price rebounded from that area. The rebound has been modest, and it has not changed the broader trend yet. Still, the level is now the closest reference point for support.

The reclaimed zone can act as a test for follow-through buying. If price remains above it, trading may become more stable in the near term. If it fails again, sellers may try to push price toward the week’s lows.

Trend remains bearish as moving averages slope lower

On the chart referenced, SHIB is still trading below key moving averages. Those averages continue to slope down, which aligns with the recent sell trend. This keeps the broader setup tilted toward caution for many technical traders.

A price bounce can happen inside a downtrend, and traders often look for confirmation. For some, confirmation includes price holding support and then forming higher lows. Others watch for a move back toward nearby resistance zones.

Momentum readings on the chart suggest selling pressure has eased versus earlier declines. That can support consolidation instead of a straight drop. However, it does not by itself confirm a trend change.

Support flip attempt versus another leg lower

If SHIB holds above $0.000006, the market may treat the level as a base. A base can form when buyers defend a zone across multiple sessions. That can also attract short-term traders looking for relief moves.

The next steps would depend on whether price can print higher lows while staying above support. Traders also watch for stronger volume during up moves. Without that, rebounds can fade and return to the same support test.

If SHIB breaks back below $0.000006, the market may read it as a failed reclaim. That can invite more selling and another test of recent lows. The reaction around that level is likely to remain the main near-term signal.

Broader market tone still shapes SHIB’s next move

SHIB trading has been sensitive to wider altcoin sentiment in recent months. Risk appetite across the crypto market can affect how long bounces last. When sentiment is weak, rallies often face quick selling.

Traders are also tracking nearby resistance areas above current price. Any recovery attempt may meet selling near prior breakdown points. A sustained move would require price to hold support and then push through those zones.