Shiba Inu (SHIB), a prominent meme coin, has experienced a nearly 10% decline in value over the previous week, lowering its price to $0.000012.

Despite this decrease, there are indications of a potential upturn, as on-chain and technical indicators suggest a resurgence in demand for the meme coin.

On the daily chart, SHIB's Chaikin Money Flow (CMF), which monitors the volume-weighted flow of capital, has been increasing while the coin's price has been dropping. Presently, the CMF indicator stands at 0.02, having crossed above the zero line, indicating a bullish divergence signaling accumulating buying pressure in SHIB spot markets.

Corroborating this positive outlook, on-chain data reveals that SHIB's Network Realized Profit/Loss (NPL) remains negative, indicating that most holders are at a loss and are less likely to sell, potentially reducing the circulating supply of SHIB and creating conditions that could fuel a short-term price increase for the meme coin.

Additionally, SHIB futures traders exhibit optimism as shown by the coin's positive funding rate of 0.0082% at the moment, indicating a preference for long positions among traders.

As of now, SHIB is trading at $0.000012 and with promising early signals from technical indicators, there is a possibility of a turnaround towards the $0.000014 level in the near future. However, breaking past the key resistance level of the 20-day Exponential Moving Average (EMA) at $0.000013 is crucial for a sustained recovery and confirmation of a short-term bullish trend reversal. Failure to maintain buying pressure could lead SHIB's price to drop to $0.000010.