- Shiba Inu price bounced back to $0.00001173 after nearing a fifth zero, driven by increased whale activity.
- However, the broader trend remains bearish unless key resistance levels are broken.
Shiba Inu (SHIB) has narrowly escaped plunging into the dreaded five-zero price range, bouncing back into the $0.000011 zone and triggering cautious optimism across the meme coin market. While the bounce has provided a small psychological boost, the token’s broader bearish trend remains intact.
Shiba Inu Cardiac Bounce at a Crucial Level
On June 23, SHIB formed a solid green daily candle, notching a 1.38% intraday gain and reaching approximately $0.00001173. This recovery occurred just above a previously tested local bottom, offering bulls a narrow runway to regain minimal control — though not enough to indicate a full trend reversal.
The next major test lies at the 26-day Exponential Moving Average (EMA), currently around $0.00001221. This level has acted as a ceiling multiple times, rejecting upward moves. If SHIB manages to break above this resistance, it could pave the way toward the 50 EMA and even higher consolidation zones around $0.000013.
Whale Activity Fuels Speculation
Adding intrigue to the bounce is a sharp uptick in whale-level transactions. On-chain data from IntoTheBlock shows that June 23 recorded a spike to 4.13 trillion SHIB in large transaction volume — the highest seen in the past month. This hints at potential accumulation under the radar or, at the very least, a temporary break in recent selling pressure.
Caution Prevails in a Bearish Landscape
Despite the short-term recovery, Shiba Inu still trades below its 100 and 200 EMA levels, reinforcing a bearish long-term outlook. Until bulls reclaim these higher EMAs and sustain upward movement, the current rebound may prove to be just a temporary relief rally.
SHIB’s near-term future now hinges on whether it can break above the immediate resistance and attract renewed buying interest. For now, buyers have dodged a psychological blow — but whether they can turn this bounce into a trend reversal remains uncertain.
