Shiba Inu is trading near $0.00000590, holding most of a rebound that has lifted SHIB from the roughly $0.000005 area earlier this month.
The meme coin reached an intraday high near $0.00000602 today before pulling back, putting it directly below a resistance area that could determine whether the recovery turns into a larger rally.
Recent technical analysis places the first important breakout level around $0.0000060-$0.0000061. If SHIB can clear that zone with stronger buying volume, the next upside area comes into view around $0.0000067, followed by approximately $0.0000072.
SHIB Has Already Recovered From Its September Breakdown
The current setup looks considerably stronger than it did earlier this month.
On Sept. 16, SHIB was testing the $0.0000051-$0.0000052 region as support, after previous attempts to break higher had failed. Coinpaper's earlier SHIB downside analysis identified that zone as an important line between stabilization and another leg lower.
Three days later, SHIB had already bounced roughly 6%, pushing toward $0.0000054 as buyers returned. That rebound has now extended further, with the token testing $0.000006 again. Coinpaper's previous SHIB rebound coverage had identified $0.0000055-$0.0000056 as the first hurdle and $0.000006 as the next target.
The important change is that $0.000006 is no longer a distant recovery target. It is now the immediate breakout test.
Burns Are Rising Again, but Price Still Matters More
SHIB's burn narrative has also returned.
Shibburn data cited on Sept. 20 showed 72.23 million SHIB removed in 24 hours, sending the daily burn rate up more than 31,000%. Around 111.4 million SHIB had been burned over the preceding seven days.
That sounds dramatic, but burn-rate percentages can be misleading when they start from a very low base. Coinpaper has previously shown how even enormous SHIB burn-rate spikes can have little immediate effect on price relative to SHIB's enormous circulating supply.
| Level | What it means |
|---|---|
| $0.00000565-$0.00000575 | Near-term support |
| $0.0000060-$0.0000061 | Main breakout barrier |
| $0.0000067 | First bullish target |
| $0.0000072 | Higher rally target |
For the bullish scenario, SHIB needs to turn $0.0000060-$0.0000061 from resistance into support. Doing that would make an extension toward $0.0000067 increasingly plausible, with $0.0000072 becoming the next stretch target.
If SHIB falls back below roughly $0.0000057 instead, the latest rally would start looking more like another temporary bounce.
