Shiba Inu (SHIB ($0.00)) recorded a modest yet encouraging rebound this week, climbing 5.69% to trade at $0.00001015. After starting the week near $0.00000965, SHIB gradually gained momentum, breaking above the $0.000010 resistance level. Despite fluctuations, it maintained an upward trajectory, signalling renewed buying interest from traders.

The token’s market cap rose by 1.26% to approximately $5.98 billion, positioning SHIB at the #22 spot among global cryptocurrencies. However, the 24-hour trading volume dropped sharply by 23.46% to $140.6 million. This suggests that while price action leaned bullish, trading enthusiasm temporarily cooled.

Price Action and Technical Outlook

Throughout the week, SHIB fluctuated within a narrow range between $0.000009958 (low) and $0.00001028 (high). The coin displayed healthy price consolidation, forming higher lows, a sign of strengthening market sentiment. Traders observed several short bursts of activity, most notably around October 21, when SHIB saw a substantial upward spike before mild corrections set in.

_{24-hour price chart Source: CoinMarketCap}

Currently, SHIB’s ability to stay above $0.00001000 is viewed as a positive indicator. If momentum continues, analysts believe SHIB could retest higher resistance zones near $0.00001050 in the coming sessions. Conversely, a break below $0.00000990 could lead to brief bearish pressure.

Investor Sentiment and Long-Term View

Despite being 88.48% below its all-time high of $0.00008845 (set on October 28, 2021), SHIB remains a favorite among retail investors due to its massive 589.5 trillion supply and vibrant community. The token’s 2.87 million holders reflect consistent long-term interest, even amid broader crypto market volatility.

Related article: Shiba Inu Slips 22% in a Month: What’s Behind the Drop?

Furthermore, Shiba Inu’s ecosystem expansions, including Shibarium and decentralized finance integrations. continue to fuel optimism about its long-term utility and price potential. For now, the market appears cautiously bullish as SHIB consolidates gains and prepares for its next directional move.

Shiba Inu’s 5.69% weekly rise showcases resilience amid cooling trading activity. As it hovers around $0.00001015, the coin’s short-term outlook remains optimistic, especially if it sustains momentum above the psychological $0.000010 threshold.

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