Shiba Inu (SHIB) is showing renewed technical momentum near the $0.000006 level, with traders watching a descending trendline break that could open the door to a 26% move toward $0.00000720–$0.00000730.
SHIB traded around $0.000005916 on September 28, gaining 1.74% over 24 hours, while its market capitalization climbed to approximately $3.48 billion. Intraday price action began near $0.00000577 and reached a session high of $0.00000605 before pulling back into the $0.00000590 area. The MACD indicator turned constructive as the blue MACD line moved above the orange signal line and histogram bars flipped green. Bollinger Band %B sat near 0.84, indicating that price was positioned toward the upper portion of its recent range.
Crypto trader SHIB Knight noted on September 29 that the three-hour chart was compressing right above key support. The chart showed SHIB trapped between support below and a descending trendline above, a structure that could soon resolve with a larger move. According to the trader, holding support and breaking the trendline could trigger a fast move toward the 720–730 zone, while a downside retest of $0.00000575 remained possible before any bullish resolution. At the time of writing, SHIB was up 3.17% over 24 hours to $0.00000589 after finding support at $0.00000550.
The one-cent SHIB debate remains tied to supply math. With roughly 589 trillion SHIB in circulation, a $0.01 price would imply a market valuation near $5.9 trillion. More than 410.8 trillion SHIB has reportedly been burned, leaving about 585.5 trillion tokens circulating, but the remaining supply still presents a large hurdle for substantially higher valuations. Market commentary continues to link the long-term target to supply reduction, burn activity, and broader adoption rather than short-term price momentum alone.
Broader altcoin interest is also strengthening. According to Glassnode, spot traders are rotating into altcoins, with total spot volume for altcoins running close to four times that of Bitcoin, the highest since September 2025. CryptoQuant added that Total2, which tracks altcoin market capitalization including Ethereum, has absorbed over $371 billion since June 2026, a 45% increase in a few months. Only 13% of altcoins listed on Binance remained below their 200-day moving average by late September, compared with 80% in August, signaling a broad improvement in altcoin trend strength.
