Key points
- SHIB has risen 11% in the last 24 hours, outperforming the broader crypto market.
- The cryptocurrency could continue to climb in the short term.
Memecoins on the rise
Leading memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) have posted gains over the past 24 hours, easing recent selling pressure. Both tokens opened December on a bearish note but have recovered some losses in the latest session.
Technical indicators remain mixed despite the recent positive price action. Retail interest in Dogecoin and Shiba Inu has risen over the past few days. Data from CoinGlass shows open interest (OI) in DOGE and SHIB futures increased by 4.33% and 2.62% respectively in the last 24 hours, reaching $1.38 billion and $80.51 million. This inflow of futures capital suggests investors are regaining confidence in memecoins.
SHIB eyes the $0.00001 psychological level
The 4-hour SHIB/USD chart remains structurally bearish, reflecting Shiba Inu’s underperformance in recent weeks. SHIB slipped below the $0.000010 psychological level on November 12 and has struggled to reclaim it since then.
At the time of writing, Shiba Inu trades above $0.00000800 after four consecutive days of losses. The current recovery could push SHIB back above the November 29 high of $0.00000913.
Like Dogecoin, SHIB’s RSI sits at 47—below the neutral 50—but it indicates the bearish momentum is fading. MACD lines are also approaching a bullish crossover, supporting the possibility of a rebound. If the recovery continues, SHIB could break the $0.00000913 resistance and move toward the $0.00001 psychological level.
Conversely, if bears regain control, SHIB may retest Monday’s low near $0.00000780 in the near term.