Shiba Inu Seeks Rebound as Buyers Regain Control

Shiba Inu (SHIB) may be showing signs of technical rebound signals despite ongoing selling pressure in the broader crypto market. According to The Crypto Basic, SHIB is building a base above a key support line around $0.0000040.

The key to confirming this rebound will be whether it can break above the descending trendline around $0.00000451. If it does, analysts predict that the price could rise by as much as 18 percent to reach $0.0000051, with further upside potential to $0.0000066, or 52 percent above the current level.

However, SHIB has not yet fully escaped the weak trend in the overall crypto market, and the daily chart shows that the previous downside momentum is weakening. Additionally, some technical indicators have improved, including the relative strength index (RSI), which fell into oversold territory but has now climbed to 32.94.

While there are signs of a potential rebound, it's still too early to talk about a trend reversal, and SHIB remains below a descending resistance line that has blocked every rebound attempt since May 11.