Shiba Inu coin has experienced a significant price surge, increasing by over 300% in the first quarter of the year. However, the gains were not sustained, leading to a subsequent drop of nearly 70%. Recent market movements indicate a potential resurgence of bullish momentum.
Despite facing competition from new meme coins, Shiba Inu’s recent price increase is expected to attract investors looking for profitable opportunities. The coin has broken out of a descending channel and is poised to overcome bearish pressure.
Technical analysis shows that Shiba Inu’s price is testing a crucial resistance level at $0.0000165, with indicators pointing towards a potential upward trend. The coin’s price may consolidate near current levels before attempting to surpass its previous highs.
- A daily close above $0.0000165 could signal a continuation of the bullish trend
- The supertrend indicator has turned bullish, suggesting a positive outlook for Shiba Inu
- The 50-day moving average provides support for further price appreciation towards the 200-day MA at $0.00002
- The RSI indicates strong buying momentum with no immediate bearish signals
- MACD levels have entered positive territory, signaling a favorable market environment
Overall, technical analysis points towards a potential uptrend for Shiba Inu, with a breakout above $0.0000165 likely to pave the way for further gains towards the $0.00004 mark.
