Key Points
- SHIB has reclaimed the $0.000010 level as meme coins climb
- The memecoin could target the 4-hour ILQ at $0.000011 in the short term
SHIB Trades Above $0.000010 as Meme Coins Gain Momentum
Cryptocurrency markets are off to a positive start this week, with Bitcoin, Ether and XRP all trading higher. Leading meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) have regained momentum and posted notable gains over the past 24 hours.
Rising retail interest in SHIB and other major meme coins is supporting a short-term recovery, and bullish traders are anticipating further upside. SHIB remains the second-largest meme coin by market capitalization and is currently trading above $0.000010 per token.
Data from CoinGlass shows open interest (OI) in futures for DOGE, SHIB and PEPE rose by approximately 4%, 2% and 3% respectively over the last 24 hours, reaching $1.53 billion, $72.99 million and $200.53 million. This increase in existing futures contracts suggests investors are expanding exposure to SHIB and other leading meme coins in anticipation of a short- to medium-term rally.
SHIB Eyes the $0.000011 Liquidity Zone
On the 4-hour chart, SHIB/USD still reflects a recent downtrend in the longer timeframe, despite positive performance over the past week. Technical indicators on this timeframe have turned bullish, indicating buyers currently have the upper hand.
The 4-hour RSI sits around 58, above the midpoint of 50, signaling a shift toward bullish momentum. MACD lines have also moved into positive territory, confirming the recent transition to an upward trend over the past few days.
At the time of writing, SHIB is trading near $0.000010, close to the 200-period EMA on the 4-hour price chart. Increased demand could trigger a breakout rally in the coming hours or days.
If bulls sustain SHIB above the 200-period EMA at $0.00001029, it would confirm a breakout above the descending trendline. A bullish run could push SHIB toward the short-term Inducement Liquidity (ILQ) area at $0.00001175. A prolonged rally would put focus on the TLQ and the resistance level near $0.00001213. Conversely, a market reversal could see SHIB fall back to retest the 50-period EMA at $0.00000971.