Shiba Inu, the popular meme cryptocurrency, is poised to disrupt the downward trajectory that has hampered its growth for the past few weeks. Breaking down resistance, the digital asset now sets its sights on scaling the $0.00001 benchmark, supported by a broad-based market recovery.
Rising signals on the horizon
For several weeks, SHIB has been under significant selling pressure due to a descending resistance trendline, constraining its value within a narrow range. However, these restrictions appear to be lifting. With SHIB showing a strong breakout of this trendline over a four-hour span, indications of price recovery have emerged. Now the question is on everyone’s lips: Can the meme-based coin regain its bullish steam?
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At the time of writing, SHIB’s value stands at $0.00000885, after an increase of 2.29% in the past 24 hours and an increase of 0.15% in the previous week. The coin’s trading volume over the last 24 hours is estimated at $184,481,147, contributing to a substantial market cap of $5,213,643,634.
The daily Relative Strength Index (RSI) for SHIB gives mostly bullish signals. For the uninitiated, an RSI reading above 50 combined with an upward trajectory typically signifies a favorable environment for bulls. Conversely, readings below 50 indicate bearish dominance.
Despite its current reading below 50, the RSI for SHIB is rising and is moving out of the oversold zone. A bullish divergence further supports this bullish trend.
Released for a 14% increase
Following the daily timeline, the rally in the RSI was accompanied by a bullish divergence, indicating a likely rise towards the $0.000010 resistance line, possibly even extending to the triangle resistance line at $0.000012.
Also Read: Can Shiba Inu Whales Defy Market Instability? Here’s what you need to know. – Coinpedia Fintech News
After breaking the resistance trendline, the value of SHIB is predicted to rise by 14%. However, the expected rally may run into a significant bottleneck at $0.00000917.
Shiba Inu’s journey so far has been marked by unpredictable twists and turns. As the token is now on the cusp of a critical breakout, the digital coin community, known as the “SHIB Army”, awaits its next upward leap with bated breath.
