The memecoin sector has gained 5% over the past week, outpacing Bitcoin's 1.40% and Ethereum's 2.04% gains. Layer 2 tokens led the broader market with 20.7% gains during the same period.
Shiba Inu (SHIB), the second-largest memecoin by market capitalization, has performed ahead of sector bellwether Dogecoin. SHIB rose 5.78% in 24 hours and 6.37% over the past seven days, compared to Dogecoin's 4.50% daily gain and 2.03% weekly increase.
Technical Resistance Limits Upside
On the daily chart, Shiba Inu faces a significant hurdle at the 78.6% Fibonacci retracement level around $0.00000613, which the token tested and rejected in August. The memecoin has since defended the $0.00000495 support level twice, suggesting seller weakness in the short term.
Money Flow Index (MFI) readings have remained near neutral levels, while the Chaikin Money Flow (CMF) climbed above 0.05 in late August and early September, indicating capital inflows into the asset.
Key Resistance Zone on 4-Hour Chart
On shorter timeframes, the $0.0000055 supply zone has proven challenging for bulls throughout September. Breaking past this level would be necessary to establish a bullish bias in the near term.
The CMF remained below 0.05 despite recent gains, suggesting that steady buying pressure has not fully materialized behind the price movement. Even if this resistance is overcome, the higher Fibonacci retracement level at $0.00000613 could still present a barrier to further gains.
