Shiba Inu is showing signs of life after a challenging week, with traders looking closely at charts to see if this marks the start of something big. The token’s price has rebounded from an initial slump and is currently hovering around $0.00000857, putting it right back into focus as it tests key Fibonacci levels. Analysis reveals SHIB tested resistance in the beginning of the week but managed to hold near support before a surge towards higher values. This new high settled into a sideways movement. 70% of the previous losses were erased after this short-lived rally, with more gains anticipated in the coming days. The price often pauses around key Fibonacci levels before making a decision on whether it will reverse or continue down, and SHIB’s quiet rebound suggests potential buying activity. The real test comes above. A close above 1.0 would signal a turning point for the downtrend, potentially opening up the path towards the 0.786 Fib level at $0.0000113 and then the 0.618 level at $0.0000124. These levels have previously sparked rallies. 0.000007, however, represents a key support zone for Shiba Inu. 75% of the previous losses were erased after SHIB tested this level. If SHIB fails to break above the 1.0 Fibonacci band, the chart still leaves room for one more move down. The next major support sits near the 1.618 extension around $0.0000064. This is significantly lower and would likely come into play if bears regain momentum. However, the current situation suggests a potential bounce. Liquidation data also supports this view: over the past 24 hours, about $139K in SHIB positions were liquidated, with most of this loss coming from long traders, not shorts. The Stochastic RSI supports this cautious view as it indicates oversold conditions but no confirmed bullish crossover. In other words, a short-term bounce might occur, but it won’t signify much until SHIB reclaims those key Fibonacci levels above. The real question is whether SHIB can turn this bounce into something more meaningful or if it merely continues the pause before the next move lower. 60% of the losses were erased after SHIB tested support on the weekly chart and a potential short-term rebound seems to be underway. Will this be enough for a lasting recovery, or will SHIB continue its downward trajectory?