The descending trendline is broken by SHIB, and the daily chart has less bull power and weaker tops in October. A daily close above $0.00000512 could open a move toward $0.00000540, while $0.
SHIB remains under pressure on the daily chart, as sellers continue to limit recovery attempts and buyers struggle to regain ground.
Terrarmy’s post discusses SHIB’s reported inclusion on Japan’s crypto Green List alongside Bitcoin and Ethereum. It says the status could make exchange listing procedures easier. However, easier access does not guarantee new buyers or a lasting price rise.
https://twitter.com/terra_army/status/2113105057042575569?s=20SHIB closed at $0.00000505 with a 2.13% dip on October 22 on TradingView. The token is trading below the $0.00000610 level in September. Since early October, lower highs have formed as sellers repeatedly halted recovery attempts.
The nine-period exponential moving average sits near $0.00000512, slightly above the latest price. SHIB must reclaim this level to improve its short-term chart structure. A move above the descending trendline would add evidence that buyers are returning.
Japan’s reported listing status offers a separate development for SHIB holders to watch. More eligible exchanges could improve access for Japanese customers. Whether that produces stronger demand remains uncertain while price action stays weak.
SHIB climbed sharply in August, rising from roughly $0.00000450 toward $0.00000590. Trading was then uneven with the token trading through a wide range in September. A second rally saw the price rising above $0.00000600 as sellers regained control.
Source: Tradingview
The blue descending trendline now crosses the 0.00000510–0.00000520 region. In recent candles, the approach has been in the vicinity but failed to convincingly break through this area. If further rejection occurs, then SHIB might return to its support level closer to the market.
A significant increase in the price above $0.00000512 may be a promising sign of recovery at an early stage. Buyers could then face resistance near $0.00000540, followed by $0.00000560. These levels are possible obstacles, not guaranteed destinations.
On the downside, $0.00000490 is the next level worth watching. A drop below it has the potential of revealing support at $0.00000480. A further weakening of the recent trading range would occur if this level fails as well.
RSI is 40.28, which is below the neutral 50 level. This suggests bearish momentum remains stronger than buying pressure. However, the indicator has not reached the conventional oversold level of 30.
The RSI has ticked upward from low levels recorded recently, but it's a gradual pullback. If it breaks out above 50 and has momentum, this would be a better sign. Until then, short rallies may struggle to hold.
Terrarmy also asked the SHIB community to choose its preferred catalyst for another bull run. The options were wider exchange access, larger token burns, or greater Shibarium adoption. Each depends on different conditions and offers no guaranteed price outcome.
The supply decreases due to token burns, but this depends on the volume of tokens burned and the demand for them. To foster sustainable activity throughout the Shibarium ecosystem, there needs to be ongoing network utilization. Additional exchange access may improve availability without necessarily increasing purchases.
For now, SHIB remains below nearby resistance while the RSI stays under 50. A break above $0.00000512 could bring $0.00000540 into view, while losing $0.00000490 would expose lower support. Price needs to break out of the range and buyers need to be more active in a stronger recovery.
