Can Shiba Inu Rebound? Technical Indicators Suggest a Turning Point

• SHIB struggles near key resistance zones as price dips amid rising trading volume
• Token burn rate climbs 4.19%, yet supply metrics show mixed market sentiment
• MACD stays neutral while RSI nears oversold, hinting at weak but reactive momentum

Shiba Inu (SHIB), a widely followed meme coin in the crypto space, is currently facing increased volatility and selling pressure. Over the last 24 hours, SHIB has posted a 2.10% decline, trading at $0.00001274. Despite the price drop, trading volume surged by nearly 14%, hinting at heightened investor activity. 

While this uptick may suggest growing interest, the overall sentiment remains cautious. SHIB has hovered in a tight range with abrupt spikes and dips, suggesting indecisiveness in the market. The price action reflects a mildly bearish outlook with a tilt toward consolidation in the near term.

Key Support and Resistance Levels for SHIB

Technical analysis shows several significant levels shaping SHIB’s short-term movement. On the resistance side, $0.00001304 stands as the most immediate ceiling. 

This level was tested earlier but failed to hold under sustained buying pressure. Just below that, the $0.0000…

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