Shiba Inu has substantially recovered over the last week; it surged over 20% in the same timeframe. Over the last 24 hours, SHIB has appreciated by 2.9%, but despite the rise in value, the coin has remained stuck below the $0.000011 mark.

SHIB was trading within an ascending parallel chain, which showed bullishness; however, the coin was currently outside the ascending trendline.

As it moved out of the ascending trendline, it could not break past its immediate resistance level. The technical outlook of the coin still depicts bullishness on the chart for SHIB. Shiba Inu was overvalued at the time of writing, and if a coin is overbought, there are chances of a price correction.