- Shiba Inu’s price surged 11.5% after holding crucial support at $0.0000089.
- SHIB’s daily RSI at 38.28 indicates oversold conditions, hinting at a potential rebound.
- T. Rowe Price includes Shiba Inu in its crypto ETF filing, marking institutional recognition.
Shiba Inu has had an eventful week, moving from fear to hope for investors. After dipping to a 7-day low, SHIB found support at $0.0000089, a critical level tested during crashes in 2024 and 2022.
This support has historically prompted sharp rallies, and once again, buyers stepped in. The result was an 11.5% increase in trading volume, signaling fresh interest and potential accumulation.
Technical Analysis Shows SHIB Holding Strong Support
Looking at SHIB’s technicals, the price has shown positive movement, with a daily gain of 0.52%, reaching $0.000008961. Over the past 24 hours, the coin reached a high of $0.000009219 and a low of $0.000008834.
The $0.0000089 level has proven resilient, triggering past rallies. The Relative Strength Index (RSI) reading of 38.28 suggests SHIB is in short-term oversold conditions, which often precede price rebounds.
However, SHIB continues to face challenges. The token is trading below important moving averages, including the 50-day at $0.00001027.
To confirm a stronger reversal, SHIB needs to close above $0.0000093. This breakout could force short sellers to cover, potentially driving the price to $0.00001027. Without holding support, the price could fall to the $0.00000745 zone.
T. Rowe Price Includes Shiba Inu in ETF Filing
In another development, Shiba Inu has gained recognition from major institutional players. T. Rowe Price, a $1.7 trillion asset manager, has filed with the U.S. SEC for a new crypto ETF that includes SHIB.Â
This marks a significant step for Shiba Inu, as it’s the first time the coin has been recognized in such an official filing. This recognition may signal a shift in the perception of meme tokens like SHIB by institutional investors.
Despite the positive technical signals, market volatility remains high. The 24-hour trading volume has dropped by over 50%, indicating uncertainty.
As SHIB struggles to maintain its support, traders are closely watching its next move. Whether SHIB can break out or will face further declines will depend on its ability to maintain momentum and whether the broader market can sustain its recovery.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
