Shiba Inu is attempting a modest recovery as the broader crypto market tries to regain its footing after recent turbulence. The token has shown a small uptick while traders monitor key technical levels that define its near-term trend. SHIB is stabilizing after weeks of downside pressure, although broader sentiment remains fragile. SHIB must overcome several resistance zones before any sustained reversal can unfold.
SHIB Tests Key Fibonacci Levels After Multi-Week Decline
SHIB posted a 1.7% gain in the latest 24 hours to trade around $0.000008328 at the time of writing. Despite this small rebound, the token remains down 6.72% over the past week and 20.23% in the last month. SHIB recorded $132.8 million in trading volume during the past day.
SHIB price chart, Source: CoinMarketCap
The latest TradingView data showed SHIB attempting to establish a short-term base after a steep decline. Price action bounced near the 1.618 Fibonacci extension around $0.00000719. This level acted as an exhaustion point during the October 10 selloff, according to market observers. The rebound pushed SHIB to retest the 1.0 Fib level at $0.0000084, although the recovery remained shallow.
SHIB 1-day price chart, Source: TradingView
For SHIB to regain bullish momentum, it must surpass the 1.0 level and reclaim the 0.786 retracement zone at $0.0000088. The stronger resistance areas are at the 0.618 and 0.5 Fibonacci zones. Unless these levels flip into support, the token remains exposed to downside retests.
Momentum and Futures Data Show Caution Among Traders
The Chande Momentum Oscillator sat near 30. This region often aligns with oversold conditions, signaling possible relief. However, the oscillator has not returned to neutral territory. This suggests that momentum has not yet shifted toward buyers, despite selling pressure appearing to lose intensity.
In derivatives markets, futures flow data revealed continued caution. SHIB recorded consistent net outflows across 8-hour, 12-hour, and 24-hour windows. Data showed outflows surpassing inflows by $269.38K, $405.14K, and $18.02K respectively. The readings also included steep net-change percentages, such as –102% over 24 hours and –232% over 8 hours.
Source: Coinglass
These outflows point to reduced leveraged long exposure and persistent defensive positioning. The traders remained cautious due to SHIB’s recent price weakness and its bearish technical structure. The combination of negative futures flows and shallow spot market recovery suggests that confidence has not yet fully returned.
