With Bitcoin reclaiming the $59,000 mark, SHIB has surged, eyeing the $8 billion market cap and hinting at a potential breakout. But can this resurgence propel Shiba Inu beyond the $0.000015 threshold this week?
Shiba Inu’s price chart reveals a complex picture of resilience and potential. The daily chart shows a falling channel pattern, typically a bearish indicator. However, the $0.00001270 support level has proven to be a robust bulwark against further declines, acting as a springboard for recent gains.
This support has led to a sideways trend, culminating in a price jump on Monday, defying the bearish pressure from the 50-day Exponential Moving Average (EMA).
Shiba Inu Shows Signs of Potential Reversal Rally
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Currently trading at the $0.00001330 level, SHIB is showing signs of a potential reversal rally. The hourly chart reveals a trendline breakout, with the price surpassing the 50 EMA and challenging the 23.60% Fibonacci retracement level at $0.00001379.
This setup increases the likelihood of a golden crossover in the hourly chart, a bullish signal that could fuel further gains.
For SHIB to confirm its bullish trajectory, it needs to overcome key resistance levels at $0.00001460, $0.00001636, and $0.00001931. According to the SHIB prediction, the recent market recovery and emerging bullish divergences, suggest that SHIB has upside potential.
However, caution is warranted; a breakdown below the critical $0.00001270 support could see SHIB retreating to the psychological $0.00001080 mark.
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Also Read: Bitcoin Above $59,000; Shows Signs of Recovery
