Shiba Inu (SHIB) has recently regained the key price level of $0.00002, a crucial psychological threshold. While this may seem like a positive sign, closer examination suggests caution.
Lack of Strong Momentum
The price movement above $0.00002 lacks significant trading volume, indicating that the market is not fully convinced by the recovery.
Without strong buying activity, SHIB may struggle to maintain upward momentum. Indicators like the Relative Strength Index (RSI) show neutral to bearish conditions.
Resistance and Moving Averages
SHIB remains below key moving averages, such as the 50-day and 200-day SMAs, which highlights the difficulty in regaining market confidence.
To continue its recovery, SHIB needs strong buying volume to break through resistance levels, especially around $0.0000216.
Outlook
For now, the lack of momentum and volume makes it uncertain whether SHIB can sustain its recovery.
Without significant buying interest, the asset may face further downward pressure.
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