- SHIB surged nearly 10%, reclaiming the $0.0000053 weekly support band.
- Bulls face major resistance near $0.0000063 from the descending trendline.
- Derivatives activity increased while SHIB burn activity recently dropped sharply.
Shiba Inu has regained attention after a sharp move pushed SHIB toward $0.000006. The token climbed nearly 10% within 24 hours. Buyers also reclaimed a key weekly support band near $0.0000053. Meanwhile, derivatives activity has surged alongside the price move. SHIB now faces a major descending trendline near $0.0000063. A breakout could strengthen bullish momentum, but elevated momentum also raises risks. The next few sessions could determine whether bulls maintain control.
SHIB Tests a Major Trendline
SHIB currently trades near $0.00000601 after the latest advance. Buyers have pushed the token directly into a descending trendline. The trendline stretches from the May high near $0.0000067. That resistance has rejected multiple recovery attempts since May. A daily close above $0.0000063 would mark a significant technical development.
SHIB also remains above all four major daily exponential moving averages. The 20-day EMA sits around $0.00000539. The 50-day EMA stands near $0.00000516, while the 100-day EMA sits around $0.00000511. The 200-day EMA remains near $0.00000563. Such alignment creates a fully bullish moving-average structure beneath current price action.
The weekly chart adds another important layer to the setup. SHIB reclaimed the Bull Market Support Band between $0.00000503 and $0.00000530. Buyers had traded inside or below that zone for much of summer. Reclaiming the band gives bulls a stronger technical foundation. Holding above $0.0000053 could therefore remain crucial during any short-term pullback.
Burn Activity Fades as SHIB Momentum Builds
SHIB’s recent burn activity provides a different picture. Burn volume surged around September 19, reaching roughly 70 million tokens. However, that increase quickly disappeared from the market. Recent 24-hour burn activity dropped by approximately 97.48%. Daily burns fell from nearly 7 million tokens toward zero. That decline suggests burns are not driving the latest price increase.
Instead, SHIB appears to be following broader meme coin momentum. PEPE gained more than 25% during the same weekly move. Dogecoin, Dogwifhat, and other meme tokens also posted double-digit gains. Derivatives activity adds another layer to the current rally. A sharp increase in derivatives volume can signal stronger trader participation. However, derivatives can also amplify volatility during rapid price movements. Bulls therefore need continued demand beyond leveraged markets.
The key level remains near $0.0000063. Clearing that resistance could open room for further upside. Failing there could send SHIB toward $0.0000053 support. For now, the technical structure remains constructive above that weekly support zone. SHIB has regained bullish momentum after reclaiming an important weekly support band. The next major test sits around $0.0000063.
