A resurgent meme coin market helped lift Shiba Inu prices to start the week as the long-struggling token showed renewed signs of life. SHIB broke back above its short-term descending trendline as buyers gathered momentum.
The second-largest meme coin popped as much as 7% Monday to nearly $0.000092. More significantly, it punctured former resistance while turning its 200-day moving average into support. Holding above the dynamic inflection point opens the door to challenging the psychologically important $0.000010 level that has kept upside capped since September.
SHIB also maintains distance from its 50-day average, mitigating the risks of a dreaded ‘death cross’ pattern that typically leads to lasting bear trends. Analysts say buyers asserting control helps avert that ominous technical formation for now.
Shiba Inu needs to stay robust to hit $0.00001
Oscillators like the MACD momentum indicator tentatively back the early revival as its signal lines angle higher above the zero threshold. The positive cross supports trend reversal prospects if SHIB sustains constructive price action.
However, the token isn’t out of the woods yet; it still trades 70% below 2021 highs even after this week’s pop. The falling wedge pattern that has defined price action since mid-January threatens to give way to lower support areas without further progress.
The daily close and strengthening upside conviction together provided traders with the confirmation needed to seize short-term opportunities. From here, analysts recommend a daily close back above $0.000090 to set the stage to retest the crucial $0.00010 barrier.
Failing to achieve that milestone risks reviving sell signals and delivering SHIB back toward $0.0000080 support. But with buyer interest expanding, the dog token finally shows some bite to position for a true trend reversal.
