Shiba Inu has caught the market’s attention once again with a nearly 6% price recovery, signaling a new bullish momentum for the popular meme coin. After a period of consolidation, this bounce has raised speculation that the bulls could be returning to push the price higher. Could this price surge mark the beginning of a major recovery or is it just a temporary spike? All eyes are on what happens next.
This analysis aims to explore the recent 6% rally in Shiba Inu price and assess whether this upward movement signals the beginning of a larger recovery. By examining key technical indicators and market trends, we determine whether the current momentum can sustain gains and further levels to watch for potential skirts or setbacks.
Indicators and Trends: Are the Bulls Gaining Strength?
SHIB price recently turned bullish on the 4-hour chart, bouncing off the $0.00001272 support level. The cryptocurrency is trading above the 100-day simple moving average (SMA) and demonstrating strong impulsewith current focus on moving towards the $0.00002045 level.
An analysis of the 4-hour Relative Strength Index (RSI) reveals that bulls are firmly established in the market. The RSI signal line has crossed the 50% threshold to around 69%, reflecting the increasing positive movement of the cryptocurrency. This upward trend suggests that buying interest is intensifying and momentum could continue to build, potentially leading to further price gains.
Meanwhile, on the daily chart, Shiba Inu is still showing bullish momentum, marked by the formation of bullish candlesticks. This indicates a favorable change in price action as the cryptocurrency moves towards the 100-day SMA and the $0.00002045 level, with the optimistic candlestick patterns suggesting increasing upward strength. Furthermore, if this momentum continues, SHIB could see further advances as it approaches this key resistance level.
Finally, on the 1-day chart, a careful analysis of the 1-day RSI formation reveals that SHIB could sustain its bullish trend as the indicator’s signal line has risen above 50% and is currently attempting to move towards the 60% threshold.
What would be the next steps for Shiba Inu?
As Shiba Inu continues its upward trajectory, several scenarios could unfold. If the cryptocurrency maintains its bullish momentum and breaks the $0.00002045 resistance level, it could signal the start of a significant recovery, potentially pushing towards the next resistance level at $0.00002631.
Conversely, if SHIB encounters strong resistance or a pullback, the price could consolidate or move to test the support level at $0.00001272. When the price breaks above this range with strong volume, it could indicate a continuation of the downtrend and a possible target of reaching the support level at $0.00000847.
SHIB was trading at approximately $0.00001415, reflecting a gain of 6.97% in the last 24 hours. The market capitalization of its cryptocurrency reached around $8.3 billion, with trading volume surpassing $230 million, representing an increase of 6.73% and 72%, respectively.