Shiba Inu Price Fails to Bounce Amid Meme Sector's Strong Recovery

Shiba Inu's price continues to underperform despite the meme coin sector's strong recovery in April, reaching $34 billion in market capitalization. The token has been trading inside a descending channel for over a year, with its price stuck below the Bollinger Band midline at $0.0000630.

The sector's recovery is being driven by a handful of fast-rising assets, with gains overstating the sector's actual health. Shiba Inu has not been among them, down roughly 87% from its 2021 peak and having spent 13 months in an unbroken downtrend.

Analysts note that Shiba Inu is missing out on the sector's recovery, but a daily close above the midline at $0.0000630 would be a significant technical signal. If the meme sector holds $34 billion and crypto sentiment remains firm, the first target above the midline is $0.0000750, with $0.0000900 the level that would confirm a channel breakout attempt.