Shiba Inu has caught the market’s attention once again with a price increase of almost 6%, indicating the renewed bullish momentum of the popular meme coin. After a period of consolidation, this jump raised speculation that the bulls might be coming back to push the price higher. Could this price increase mark the start of a major rally, or is it just a temporary increase? All eyes are on the next move.
This analysis aims to examine Shiba Inu’s recent 6% price decline and assess whether this upward movement signals the start of a major rally. By examining key technical indicators and market trends, we determine whether current momentum can support further gains and watch levels for potential breakouts or pullbacks.
Indicators and Trends: Are the Bulls Gaining Strength?
Recently, the SHIB price turned bullish on the 4-hour chart, rebounding from the $0.00001272 support level. The cryptocurrency is trading above the 100-day Simple Moving Average (SMA) and is showing strong momentum, with current focus on moving forward at the $0.00002045 level.
Analysis of the 4-hour Relative Strength Index (RSI) reveals that bulls are firmly entrenched in the market. The RSI signal line has crossed 50% and reached around 69%, which indicates an increase in the positive movement of the cryptocurrency. This upward trend suggests that buying interest is increasing, and momentum may continue to increase, potentially leading to further price gains.
Meanwhile, on the daily chart, the Shiba Inu is still showing momentum, marked by the formation of candlesticks. This indicates a positive change in price action as the cryptocurrency moves towards the 100-day SMA and the $0.00002045 level, with candlestick patterns suggesting bullish momentum. Furthermore, if this momentum continues, SHIB could see further upside as it approaches this key resistance level.
Finally, on the 1-day chart, a careful examination of the 1-day RSI structure reveals that SHIB can maintain its positive trend as the signal line of the indicator has risen above 50% and is currently trying to reach the 60% limit. .
What The Next Shiba Inu Movement Could Look Like
As the Shiba Inu continues its growth, several situations may occur. If the cryptocurrency maintains its bullish momentum and breaks through the resistance level of $0.00002045, it could indicate the beginning of an important rally, which may lead to the next resistance level at $0.00002631.
Conversely, if SHIB faces strong resistance or reversal, the price may consolidate or move to test the $0.00001272 support level. If the price crosses this range with strong volume, it would indicate a continuation of the downtrend and could target a support level at $0.00000847.
SHIB was trading at around $0.00001415, representing a 6.97% gain in the last 24 hours. Its cryptocurrency market reached almost $8.3 billion, with a trading volume exceeding $230 million, representing an increase of 6.73% and 72%, respectively.