Shiba Inu has caught the market's attention once again with a nearly 6% price rebound, signaling renewed bullish momentum for the popular meme coin. After a period of consolidation, this jump has raised speculation that the bulls might be returning to drive the price higher.
Recently, SHIB’s price has turned bullish on the 4-hour chart, rebounding from the $0.00001272 support level. SHIB is trading above the 100-day Simple Moving Average (SMA) and demonstrates strong momentum, with a current focus on moving toward the $0.00002045 level.
An analysis of the 4-hour Relative Strength Index (RSI) reveals that the RSI’s signal line has surged past the 50% threshold to around 69%, reflecting increasing buying interest. Meanwhile, on the daily chart, SHIB is still showing upbeat momentum with bullish candlesticks.
Several scenarios could unfold: If SHIB maintains its bullish momentum and breaks through the $0.00002045 resistance level, a significant rally could start, potentially pushing towards the $0.00002631 level. Conversely, SHIB might consolidate or move to test the $0.00001272 support level if it encounters strong resistance or a pullback.
SHIB was trading at approximately $0.00001415, reflecting a 6.97% gain over the past 24 hours. Its market capitalization reached around $8.3 billion, with trading volume surpassing $230 million.
