- SHIB faces strong support at $0.00001250, signaling stabilization.
- Resistance at $0.00001500 may limit SHIB’s upside in the short term.
- MACD’s narrowing histogram hints at a potential shift in SHIB’s momentum.
Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has seen a slight uptick in the last 24 hours. As of May 7, SHIB is trading at $0.00001276, registering a modest 0.69% increase.
However, this comes on the back of a 4.91% weekly decline, which signals broader caution in the market. With a circulating supply nearing 590 trillion tokens, SHIB’s market capitalization stands at approximately $7.51 billion. Despite the slight bounce, SHIB remains locked in a battle between long-term bearish pressure and short-term stabilization.
Market Structure and Technical Levels
Shiba Inu’s price behavior since early 2025 shows a prolonged consolidation phase following a steep decline. This correction began after a sharp rally that peaked in late 2024. Since then, the asset has largely traded sideways.
Support at $0.00001250 has held firm over the past few weeks. The price has bounced multiple times from this area, highlighting buyer interest. A deeper support zone lies at $0.00001100, which previously absorbed strong selling pressure.
On the flip side, resistance near $0.00001500 has repeatedly pushed prices back. This area was a support level in the past, now turned resistance.
Breaking this zone could invite a test of the broader $0.00001750 to $0.00002000 supply region. This upper band saw significant sell orders earlier in the year.
Momentum and Indicators Suggest a Shift May Be Brewing
From a momentum perspective, the MACD is flashing early signs of a potential shift. The MACD line sits just below the signal line, indicating lingering bearishness.
However, the narrowing histogram suggests a weakening downward force. If the lines cross soon, SHIB could gain some short-term momentum.
Meanwhile, the Relative Strength Index (RSI) is currently at 47.53. This neutral reading suggests a lack of conviction from both bulls and bears. Still, its proximity to the oversold area hints that selling may be fading.
