Shiba Inu trades below key moving averages as memecoins remain flat

Major-cap memecoins have continued to move sideways during the recent United States mid-term elections. With Democrats securing a majority in the Senate, Shiba Inu (SHIB) managed to recover from early-week declines, briefly reversing Monday’s losses, but the token remains under critical moving average thresholds. Shiba Inu faces a decisive technical barrier around the $0.00000500 mark, which analysts consider a key price for bullish momentum. The moving-average ribbon applied to SHIB’s chart highlights that the asset must first hold above $0.00000488 for a potential upward trend to be sustained. If these levels are established, attention then turns to the resistance zone between $0.00000515 and $0.00000530, a band that may determine SHIB’s near-term direction. If buyers manage to push beyond these thresholds, the next upside target could be the $0.00000603 swing high.

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