After moving dangerously close to dipping into the dreaded five-zero price territory, Shiba Inu has made a notable U-turn, avoiding an additional zero and clawing back into the $0.000011 zone. This rebound has sparked cautious optimism across the broader meme coin market and provided a minor psychological boost amid a sea of selling pressure. However, this bounce does not erase the fact that SHIB remains under heavy strain and far from its earlier highs.
From a technical standpoint, SHIB’s recovery is evident, with a solid green candle formed on June 23, marking a +1.38% intraday gain and pushing the price to approximately $0.00001173 USDT. The bounce happened right above a previously tested local bottom, giving bulls just enough runway to reassert minimal control — though not dominance.
The immediate resistance to watch now is the 26-day EMA (currently near $0.00001221), which has served as a rejection zone multiple times in the past. A successful breakthrough above this level would be the first sign of reversal confirmation, potentially opening the way toward testing the 50 EMA and further consolidation levels near $0.000013.
Supporting this modest turnaround is a noticeable spike in on-chain large transaction volume. According to data from IntoTheBlock, June 23 saw a surge to 4.13 trillion SHIB in whale-level activity, the highest in the last 30 days. This increase suggests some accumulation may be happening under the radar, or at the very least, a break in the recent selling consensus.
Still, there is no ignoring the broader downtrend: SHIB remains below its 100 and 200 EMA bands, and the long-term sentiment continues to tilt bearish. Until bulls can reclaim higher EMA levels and maintain momentum, this U-turn may end up being a short-lived relief rally rather than a sustainable shift in trend.
In short, SHIB may have dodged a zero, for now, but the burden of proof remains on the buyers to push through meaningful resistance.
