SHIB rebounds to $0.00000590, testing key resistance near $0.0000060-$0.0000061 zone. Breakout above $0.0000061 could target $0.0000067, then $0.0000072. Token burns rose 31,000% but huge sup
Shiba Inu has bounced back after testing support near $0.000005 earlier this month. The token now trades around $0.00000590 after a steady recovery. Buyers have pushed SHIB toward an important resistance zone again. A clean break above $0.000006 could open space for further gains. Sellers still remain active near recent highs, so momentum remains fragile. Traders now focus on volume, support levels, and short-term price action. SHIB reached an intraday high near $0.00000602 in today's session. The token then pulled back just below major resistance. This zone will likely decide the next directional move. A decisive close above could shift sentiment quickly.
https://twitter.com/Utoday_en/status/2103456655966982572Technical analysis shows initial resistance between $0.0000060 and $0.0000061. SHIB needs stronger buying pressure to clear that band. Rising trading volume would also support a valid breakout. Without volume, any push above could fade fast. Traders should wait for confirmation rather than chasing a wick. If bulls reclaim $0.0000061, momentum could improve significantly.
The next upside target stands near $0.0000067. Beyond that, $0.0000072 comes into view as resistance. Both levels would require sustained demand to hold. A weak breakout without follow-through could trap late buyers. The current setup follows a difficult period earlier in September. On September 16, SHIB tested support around $0.0000051 to $0.0000052. That area had held after previous failed rallies. Holding it prevented a deeper drop this time.
Buyers returned as sentiment slowly improved across the market. Three days later SHIB gained about 6% and approached $0.0000054. The recovery continued toward $0.000006 in the following sessions. Earlier hurdles at $0.0000055 to $0.0000056 were cleared along the way. What was once a recovery target now acts as immediate resistance. Flipping it into support would strengthen the bullish structure.
Renewed attention around token burns is also helping sentiment. Shibburn data from September 20 cited 72.23 million SHIB burned in a day. The daily burn rate reportedly jumped more than 31,000%. Around 111.4 million tokens were burned in the prior week. These figures continue to generate buzz within the community.
However, burn percentages can be misleading for short-term traders. A large percentage increase can come from a very small base. SHIB still has a massive circulating supply overall. Burns alone rarely drive immediate price moves. Real demand and volume remain more important for momentum.
For bulls to stay in control, SHIB must reclaim $0.0000060 to $0.0000061. Holding above could encourage a run toward $0.0000067 next. A push to $0.0000072 would need another strong leg up. If SHIB drops below $0.0000057, the recovery could weaken quickly. For now, the token sits at a key decision point.
