Shiba Inu (SHIB) is rising by 0.8% to $0.0000170 this week, slowing down its recent slump. The memecoin lost 33.0% in June, a significant drop. It also broke through the support at $0.0000200 but has not yet retested this level from the downside. There are no news events to support the coin currently, and investors are seeing weak prospects for SHIB.

However, SHIB could be supported by the general market recovery. Bitcoin (BTC) is forming a rebound from the $60,000 level, and this effort looks promising from a technical perspective. If Bitcoin's rebound continues, SHIB may receive a boost to retest the support at $0.0000200, though it is unlikely to go much higher.