In the ever-volatile world of cryptocurrencies, the Shiba Inu (SHIB) token finds itself in an intriguing position as of June 3, 2025. Despite the concerted efforts by buyers to establish a robust support base, the token struggles to ignite the strong upward momentum that many enthusiasts had hoped for. With SHIB trading at $0.00001317, marking a 2.9% increase over the past 24 hours, the question remains whether this dog-themed token can break free from its current constraints.
A Tug of War: Support vs. Momentum
In recent hours, SHIB has carved out a solid support range between $0.00001265 and $0.00001270. Analysts have noted that this has provided a foundation for potential future gains. “We’re seeing a classic case of buyers stepping in at these support levels, suggesting a bullish outlook if the momentum can build,” explained crypto analyst Jenna Lee. However, the token has so far failed to sustain trading above the critical 100-day simple moving average (SMA) set at $0.00001332—a sign that the path upward is fraught with challenges.
The broader geopolitical landscape has injected a dose of unpredictability into the markets. As tensions simmer and trade policies shift, SHIB has surprisingly emerged as a beneficiary amid the uncertainty. Yet, despite these conditions, the token remains shackled by a downtrend that has persisted since its peak in mid-May. This mirrors the resilience seen in other meme coins, as highlighted in our recent coverage of Dogecoin’s stability amid Elon Musk’s Tesla news.
Technical Patterns and Market Sentiment
The price action surrounding SHIB paints a picture of cautious optimism. Notably, the token’s price has formed an ascending channel marked by higher lows and higher highs. This pattern, often seen as a bullish indicator, has broken through resistance levels at $0.00001294 and $0.00001313, indicating potential for continued upward movement. “The recent breakout with a volume spike of 14.6 billion was an encouraging sign,” remarked Oliver Tran, a technical analyst. “However, the subsequent profit-taking suggests there’s still apprehension in the market.”
In the early hours, consolidation at $0.00001330 gave way to an explosive breakout, albeit short-lived, as traders took profits and volume tapered off. This behavior suggests that while the overall structure remains bullish, short-term resistance is still a hurdle. The token’s next moves will be closely watched, as investors weigh the potential for sustained gains against the backdrop of a still-present downtrend. For investors interested in broader market trends, the potential listing of a Dogecoin ETF by Nasdaq could signal increasing institutional interest in meme coins.
The Road Ahead: Uncertainty and Opportunity
Looking forward, the path for SHIB remains uncertain. While the established support levels and ascending channel provide grounds for optimism, the token’s inability to maintain momentum above key technical markers raises questions about its immediate trajectory. As always in the crypto space, market sentiment can shift rapidly, influenced by external factors and investor psychology.
For now, SHIB investors are left pondering whether the token can capitalize on its support base and geopolitical tailwinds. Will it overcome the resistance that has kept it tethered, or will the momentum fizzle out? The coming weeks will be crucial in determining whether this meme-inspired token can translate its recent gains into a more sustained rally, or if it will continue to trade within its current confines.
In this dynamic landscape, one thing is certain: Shiba Inu is a token to watch, as it navigates the complexities of market forces and investor sentiment. As June unfolds, the crypto community will be keenly observing every move, every spike, and every dip—hoping to glimpse a clearer picture of what lies ahead for this enigmatic digital asset.
Source
This article is based on: Shiba Inu Bull Momentum Limited After Buyers Offered Support
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
