Shiba Inu has been making headlines recently due to its price movements. After a prolonged period of downward pressure, SHIB has shown signs of recovery, posting a 4% gain in the last 24 hours. But is this rally sustainable, or is it just a temporary bounce?
Shiba Inu (SHIB) has bounced back recently after a long period of falling prices. Although its price gained 4% in the last 24 hours, there are doubts about whether this recovery will last.Despite facing strong resistance, SHIB held stable above the critical support level at $0.000018. Currently, it’s aiming for the $0.000021 resistance, with hopes of reaching even higher levels.
The Recent Price Action
Recently, Shiba Inu’s price bounced back around the $0.00003 level at the end of the previous month. Unfortunately, strong resistance stopped its progress, resulting in a continued decline that started from the $0.000045 mark in late Q2.
Yesterday, Shiba Inu’s price recovered from a low point of $0.000017. This bounceback is important because it keeps the coin stable above the vital support level of $0.000018. This same level had previously helped facilitate a brief recovery back in April.
Shiba Inu’s Future Projections
Shiba Inu (SHIB) is currently aiming for the $0.000021 resistance level. If it successfully breaks above this barrier, it could lead to more gains, potentially reaching $0.000022 (which corresponds to the weekly opening price). Such a move might boost investor confidence, especially in shorter time frames.
However, the overall market conditions remain uncertain. SHIB’s hourly charts show a consistent pattern of lower lows and lower highs, indicating that bearish momentum could persist. If this trend continues, the coin might revisit its February surge levels around $0.000011 before any sustained recovery.
Key Support and Resistance Levels
Immediate Support: After the recent gain, the immediate support lies at $0.000017.
Additional Support: If the price continues to fall, there are additional support levels likely at $0.000011 and $0.00000769. These levels play a crucial role in protecting against further declines.
Upside Potential: Breaking above the $0.000021 mark could open opportunities for SHIB to challenge resistance levels at $0.000026 and $0.00003. Successfully surpassing these levels would set new targets for bullish traders at $0.000033 and $0.000039.
Technical Indicators
The current RSI (Relative Strength Index) stands at 29.44, which suggests that the market might be poised for a reversal or a bounce-back. When the RSI enters the oversold region, it indicates that selling pressure could start to ease. If the support level at $0.000018 holds, the RSI could signal a bullish trend reversal.
The MACD is currently below the zero line at 0.0000015, implying that SHIB may continue experiencing downward momentum in the short term. This is further supported by the histogram showing a series of widening red bars, which reinforces the bearish trend.
Also Read: Shiba Inu’s Price Surge, When to Become A Millionaire?
