Ethereum
Shiba Inu Outperforms Broader Memecoin Sector Amid Technical Resistance Tests
Technical indicators show Shiba Inu gaining upward momentum while confronting key supply zones following recent sector-wide advances.
Over the past week, the memecoin sector expanded by 5%, outpacing Bitcoin's 1.40% and Ethereum's 2.04% gains. Within the segment, Shiba Inu posted a 5.78% daily increase and a 6.37% weekly climb, slightly outperforming Dogecoin, which recorded a 4.50% daily rise and 2.03% across seven days.
Daily technical charts point to a potential weakening of SHIB's broader downward trend that began in May. Indicators show capital inflows during late August and early September as the Chaikin Money Flow rose above +0.05, while the Money Flow Index remained near neutral. The token has defended the $0.00000495 support level twice after facing rejection at the 78.6% Fibonacci retracement level of $0.00000613.
Shorter-term charts present immediate hurdles, with the $0.0000055 supply zone capping upside movement throughout September. Lower timeframe indicators indicate that consistent buying pressure remains absent, suggesting that sustained market demand will be required to confirm a higher-timeframe bullish trend shift.
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