Shiba Inu has caught the market’s attention once again with a nearly 6% price rebound, signaling renewed bullish momentum for the popular meme coin. After a period of consolidation, this jump has raised speculation that the bulls might be returning to drive the price higher. Could this price surge mark the beginning of a major rally, or is it just a temporary spike? All eyes are on the next move.
This analysis aims to explore the recent 6% price rebound of Shiba Inu and assess whether this upward movement signals the start of a larger rally. By examining key technical indicators and market trends, we determine if the current momentum can sustain further gains and levels to watch for potential breakouts or pullbacks.
Indicators And Trends: Are Bulls Gaining Strength?
Recently, SHIB’s price has 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 demonstrating strong momentum, with a current focus on moving toward the $0.00002045 level.
An analysis of the 4-hour Relative Strength Index (RSI) reveals that bulls have been firmly established in the market. The RSI’s signal line has surged past the 50% threshold to around 69%, reflecting increasing positive movement for 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 upbeat momentum, marked by the formation of bullish candlesticks. This indicates a favorable shift in price action as the cryptocurrency moves towards the 100-day SMA and the $0.00002045 level, with the bullish candlestick patterns suggesting a growing 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 examination of the formation of the 1-day RSI reveals that SHIB could sustain its optimistic trend as the indicator’s signal line has risen above 50% and is currently attempting to move towards the 60% threshold.
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 breaks through the $0.00002045 resistance level, it could signal the start of a significant rally, potentially pushing toward the next resistance level at $0.00002631.
Conversely, should SHIB encounter strong resistance or a pullback, the price might consolidate or move to test $0.00001272 support level. When the price breaks through this range with strong volume, it could indicate a continuation of the downward trend and possibly target the support level at $0.00000847.
SHIB was trading at approximately $0.00001415, reflecting a 6.97% gain over the past 24 hours. Its cryptocurrency’s market capitalization reached around $8.3 billion, with trading volume surpassing $230 million, representing an increase of 6.73% and 72%, respectively.
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Godspower Owie
https://www.newsbtc.com/shiba-inu/shiba-inu-jumps-nearly-6-in-latest-price-rebound-rally-incoming/
2024-09-19 13:00:39
