The Shiba Inu cryptocurrency has once again captured market attention with a notable price rebound of nearly 6%. This surge has sparked renewed interest and speculation among traders and investors, suggesting a potential return of bullish momentum for this popular meme coin. As the price consolidates and starts to climb, many are questioning whether this marks the beginning of a significant rally or if it is simply a temporary spike. All eyes are currently on Shiba Inu’s next move.
In this analysis, we will delve into the recent 6% price rebound of Shiba Inu, examining whether this upward movement could signal the start of a larger rally. By evaluating key technical indicators and market trends, we aim to determine if the current momentum can sustain further gains. Additionally, we will identify critical levels to watch for potential breakouts or pullbacks.
Indicators And Trends: Are Bulls Gaining Strength?
Recently, Shiba Inu’s price has turned bullish on the 4-hour chart, rebounding from the $0.00001272 support level. The cryptocurrency is currently trading above the 100-day Simple Moving Average (SMA), demonstrating strong momentum with a focus on moving toward the $0.00002045 level.
An analysis of the 4-hour Relative Strength Index (RSI) reveals that bulls have firmly established their presence in the market. The RSI’s signal line has surged past the 50% threshold to around 69%, reflecting an increase in positive movement for the cryptocurrency. This upward trend indicates growing buying interest and suggests that momentum could continue to build, potentially leading to further price gains.
Meanwhile, on the daily chart, Shiba Inu continues to show optimistic momentum, marked by the formation of bullish candlesticks. This indicates a favorable shift in price action as the cryptocurrency moves toward the 100-day SMA and the $0.00002045 level. The bullish candlestick patterns suggest a growing upward strength, and if this momentum continues, Shiba Inu could see further advances as it approaches this key resistance level.
Furthermore, a careful examination of the 1-day RSI formation reveals that Shiba Inu could sustain its optimistic trend. The indicator’s signal line has risen above the 50% mark and is currently attempting to move toward the 60% threshold. This sustained upward movement in the RSI suggests that the bullish momentum may continue in the near term.
What Could Next Moves Look Like For Shiba Inu
As Shiba Inu continues its upward trajectory, several scenarios could unfold. If the cryptocurrency maintains its bullish momentum and successfully breaks through the $0.00002045 resistance level, it could signal the start of a significant rally. This potential rally could see the price pushing toward the next resistance level at $0.00002631.
Conversely, if Shiba Inu encounters strong resistance or experiences a pullback, the price might consolidate or move to test the $0.00001272 support level. Should the price break through this range with strong volume, it could indicate a continuation of the downward trend, potentially targeting the support level at $0.00000847.
As of the latest data, Shiba Inu was trading at approximately $0.00001415, reflecting a 6.97% gain over the past 24 hours. The cryptocurrency’s market capitalization reached around $8.3 billion, with a trading volume surpassing $230 million, representing increases of 6.73% and 72%, respectively.
