- Shiba Inu (SHIB) has rebounded from a key support level, signaling a potential bullish reversal if momentum continues.
- Shiba Inu (SHIB) must break above $0.00001382 to confirm an uptrend and target higher resistance levels.
Shiba Inu (SHIB) has shown promising signs of recovery after bouncing off a critical support level, sparking speculation about an upcoming bull run. Despite months of steady decline, SHIB has gained +3% in the past 24 hours and is currently trading at approximately $0.00001276. Could this be the start of a larger price reversal?
Key Support Holding Strong
A deep dive into SHIB’s daily chart reveals that the meme coin successfully held its ground at the $0.00001230 support level, a historical turning point. This resilience, combined with an improving Relative Strength Index (RSI) now at 47.8 and trending upwards, hints at strengthening bullish momentum. If buying pressure continues, SHIB may be positioned for a more sustained recovery.
Shiba Inu Breaking Key Resistance Levels
Currently, SHIB remains below its 50 EMA, 100 EMA, and 200 EMA, indicating ongoing technical pressure. However, today’s price action suggests a potential shift in market sentiment. If Shiba Inu manages to break above its 26 EMA resistance at $0.00001382, it could pave the way for further gains. A successful move past this level may push SHIB towards $0.00001617, with an eventual target of the psychologically significant $0.00001800 mark.
Volume Signals and Market Outlook
While there has been a slight increase in buying interest, volume levels remain below previous breakout trends. For this rebound to evolve into a lasting rally, SHIB needs a surge in trading volume to confirm renewed investor confidence. If broader market conditions remain stable or improve, this bounce could be the catalyst for a fresh bullish phase.
The coming days will be crucial for SHIB as traders watch its response to the 26 EMA resistance. A strong breakout could confirm the beginning of a new uptrend, while failure to maintain momentum may keep SHIB in a consolidation phase. As investors remain on edge, all eyes are on whether SHIB’s latest bounce is just a temporary recovery or the start of something bigger.
