Shiba Inu (SHIB) recorded a modest 1.7% price increase during the latest trading session, bouncing back from local lows reached earlier in July. This uptick followed weeks of persistent selling pressure and declining momentum, marking a slight pause in SHIB's overall bearish trajectory. Currently, SHIB trades near $0.0000114, managing to hold above a key support level that has attracted buyers multiple times recently.
Technically, this rebound seems driven more by sellers tiring out than by new buying demand. SHIB remains below major moving averages, with the 50-day exponential moving average (EMA) at about $0.0000118, while the 100-day and 200-day averages are significantly higher. The long-term market setup is still bearish.
Indicators Signal Waning Downward Pressure
The relative strength index (RSI) is nearing 42 after climbing from oversold zones, indicating reduced selling pressure compared to June and early July. Despite this, the RSI remains below a neutral threshold, showing the market has not fully recovered. Trading volumes have not spiked, which means the recovery is not fueled by speculative activity but suggests SHIB might be forming a short-term base after an extended decline. However, resistance overhead remains a major challenge for any sustained upward movement.
Bitcoin and Ethereum Outlook
Meanwhile, Bitcoin (BTC) retains momentum with a potential run towards $68,000. Ethereum (ETH) is approaching a critical test near the $2,000 mark, which could define its near-term direction. Both cryptocurrencies face key levels that may shape market sentiment throughout the week.
This content is for informational purposes and does not constitute financial advice.
