• SHIB is trading at $0.00001254 with technical indicators pointing to a neutral momentum.
• The community powers the coin by countering the hack with buying of $4.
• The analysts and the community sentiments are cautiously optimistic for the coin .

Shiba Inu started October with a bullish wave, with great support from its community. The coin ecosystem is now pushing its utility with Shibarium, token burns, and governance. The community-backed purchase of $4 to counter the hacker activity is a testament to its strength. At press time, the meme coin is trading at $0.00001254 with a slight decline of 0.71% over the last 24 hours.

The Action Countering The Hack

According to the recent update on X by the user named $SHIB KNIGHT, there is a strong community that supports the coin. His post highlights his buying activity to counter the hack, which caused a decline $4 in its price. The hacker just dumped all his tokens to get a $4 gain, yet it resulted in the community taking over, making the meme coin higher. It is termed the funniest comeback ever.

His recent updates are also pointing to a bullish sentiment as the $4 reached 100 Million market cap today, and says it is only just the beginning.

Also Read: Shiba Inu Token Burns 8.6 Million in 7 Days: Is a Price Rally Coming?

Technicals Indicate Neutral Momentum

According to the data curated from TradingView, the coin is in a neutral momentum after a minor decline. But the market sentiment and community activities put the coin above resistance. At press time, the price is just below the 50 and 200 moving averages. The slight decline of 0.71% shows a small selling pressure, but not a big correction.

The RSI near 50 shows the coin is in consolidation. If the coin can break above the resistance at 0.00001294 at (50MA), the momentum might turn bullish.

Community Optimism Sparks Bullish Momentum

According to the data from CoinMarketCap, there is strong community support for the coin. Out of one million votes 87 % of people are optimistic about the coin. Only 13 % people are expecting a drop.

While the charts point to a neutral momentum, the analysts and community sentiments are cautiously optimistic. If the coin could break above the resistance, we could see the momentum turning to a bullish trend.

Also Read : Shiba Inu’s Big Test: Will Reclaim Its $0.000088 ATH before 2026?