Big digital assets such as Shiba Inu have shifted into bearish territory recently following the decline of the mainstream crypto market during the week. However, with a few positive trends noted around its price, the dog-themed meme coin may be poised for a potential rally in the coming days.
With feeling all around meme coins With the gradual growth of the sector, Shiba Inu may encounter a wave of new and old investors who are looking closely at potential gatherings.
Shiba Inu Eye Restoration After Recent Repair
Market expert Fiatleak on X (formerly Twitter) platform has report that Shiba Inu’s price action is currently showing signs of recovery, suggesting a potential upside in the near term. The analyst says SHIB is pointing to a rebound as bullish momentum begins to develop in the market after a period of decline, with renewed buying interest from both retail and institutional investors.
Despite a challenging few weeks, SHIB has shown a strong rebound and is currently at $0.000017, representing about 3.89% refuse the previous day. However, the recent downtrend may be slowing down a bit as indicated by the buy signal provided by the TD sequence indicator (Tom Demark).
As a result, the expert has identified several important resistance levels for investors to watch during the recovery period. According to Fiatleak, the first major resistance is found at the 200 Simple Moving Average (SMA) of $0.00001891. Should Shiba Inu break above this key resistance barrier, it may move further towards the 50 SMA of $0.00002288, indicating a strong recovery from its recent decline.
Fiatleak highlighted that Shiba Inu’s price is still there supported due to market volatility due to increased demand from retail investors. Also, its always healthy and large community, known as SHIBA Army, continues to have a significant impact on SHIB’s price performance.
The expert says that any encouraging comments or information from the public can contribute to the rise of the character of the meme in the coming days. Another factor cited by Fiatleak that could help sustain SHIB’s current rally is the recent increase in trading volume, indicating that buyers are starting to return to the market.
SHIB Shows Bad Price Performance Today
Earlier this week, SHIB saw significant price growth at the $0.000019 level, causing a broad market rally. However, as of today, the second largest meme coin has dropped to around $0.00000170, prompting speculation about its short-term potential.
Currently, Shiba Inu is trading at $0.0000174, representing a drop of more than 1% over the past day. Despite the significant decline, investors continue to show strong sentiment towards the meme coin, as evidenced by the 15% increase in trading volume in the last 24 hours.
Featured image from Adobe Stock, chart from Tradingview.com
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