2026-2-23 21:08 |
Shiba Inu (SHIB), a memecoin created to rival Dogecoin (DOGE), is showing signs of stabilising after weeks of sideways trading.
SHIB’s price recently broke above a key technical level on shorter timeframes, hinting that the long downtrend might be easing.
Thinning supply creates a potential turning pointOne of the factors supporting this tentative rebound is the reduction of SHIB on exchanges.
A significant amount of SHIB tokens has moved into personal wallets, reducing the supply available for immediate selling.
This shift can make the market more sensitive to buying pressure, even if demand remains moderate.
Commonly referred to as a potential “supply crunch,” where fewer coins are available to sell, this could help stabilise or lift prices.
Technical analysis signals cautionShort-term trading indicators show cautious optimism.
Importantly, momentum has been weak but is no longer in free fall.
The Relative Strength Index (RSI) and other oscillators suggest that the asset is finding some footing, and selling pressure is gradually decreasing.
Combined with a thinning supply, these factors create conditions where recovery is possible if buyers step in.
Shiba Inu price chart | Source: TradingViewDespite the positive signs, SHIB is still facing resistance near $0.00000638 to $0.00000658.
This zone has capped upward moves multiple times in recent weeks and will need to be cleared for a sustained recovery.
On the downside, below the current price, the immediate support sits near $0.00000569.
Holding this level is crucial, as a break lower could reignite the downtrend and erase recent gains.
Short-term traders are watching these levels closely.
Notably, a successful retest of support combined with a push above resistance could indicate that a broader rally is starting.
Shiba Inu price forecastThe current market setup, however, suggests that the worst of the selling pressure may be behind Shiba Inu.
The meme coin is quietly positioning itself for a potential rebound, and the next few weeks could determine whether the early signals turn into a meaningful recovery.
In the near term, a breakthrough above the upper resistance around $0.00000658 could open the way toward $0.00000700.
If buyers continue to step in, higher levels near $0.00000720 could become attainable.
On the downside, the $0.00000569 area is the first line of defence, according to analysts, with further support near $0.00000510.
For traders and investors, these zones provide clear benchmarks for managing risk.
In the long-term, Shiba Inu remains deeply discounted compared with its all-time highs.
Any sustained recovery will depend on consistent demand and positive momentum rather than short-term speculation alone.
The post Shiba Inu shows early recovery signals as selling pressure thins appeared first on Invezz
origin »Bitcoin price in Telegram @btc_price_every_hour
SHIBA INU (SHIB) на Currencies.ru
|
