Bitcoin
Shiba Inu Outpaces Major Memecoins as Technical Resistance Limits Gains
Shiba Inu recorded a 5.78% daily gain, but technical indicators suggest buying momentum faces hurdles at overhead supply zones.
Shiba Inu rose 5.78% over 24 hours and 6.37% over a week, outperforming Dogecoin's weekly gain of 2.03% as well as broader benchmark assets such as Bitcoin and Ethereum, which rose 1.40% and 2.04% respectively over the same period. The broader memecoin sector advanced 5% on the week, lagging Layer 2 tokens that climbed 20.7%.
On the daily chart, Shiba Inu rebounded from a multi-month decline between May and July. Indicators such as the Chaikin Money Flow rose above +0.05 in late August and early September, signaling capital inflows, while the Money Flow Index hovered around neutral levels. The token has defended support at $0.00000495 twice after facing rejection at the $0.00000613 Fibonacci retracement level in August.
Despite the recent price rise, shorter-term indicators highlight ongoing resistance. On the 4-hour chart, Shiba Inu has struggled to break through a supply zone at $0.0000055, with the 4-hour CMF remaining below +0.05 to indicate a lack of sustained buying volume. Technical analysis in the report suggests that clearing this barrier and the higher $0.00000613 level remains critical for a broader trend shift.
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