The Shiba Inu (SHIB) token noted bulls’ accumulation, and a rounding shape of recovery was witnessed in the last sessions. The token has gained momentum, bounced from the key support mark of $0.00000900, and surged over 20% this month. Moreover, the token jumped above the round mark of $0.00001000 and escaped the consolidation phase, hinting that bulls have retained strength and will continue to stretch the up move.
SHIB token price has escaped the key moving averages and is guiding buying momentum in the last sessions. The price action reflects the positive sentiments, and the token succeeds in attaining a rebound despite multiple attempts. If the token sustains gains above $0.00001000, the token may continue to stretch the rise, and short covering moves may lead the token to retest the upside of $0.00001500 in the coming sessions.
The Shiba Inu (SHIB) price was $0.00001039 at press time, with an intraday gain of 9.90%, showing a pullback on the charts. Moreover, the trading volume has increased by 203.33% to $439.37 Million. The pair of SHIB/BTC is at 0.000000000184 BTC, and the market cap is $6.12 Billion. Shiba Inu token has a weekly return ratio of 4.85% and 13.58% on a monthly basis. Analysts are neutral and suggest that the Shiba Inu (SHIB) price will stretch the pullback and may jump toward $0.00001500 in the upcoming sessions.
Shiba Inu Picked Momentum, Could SHIB Scratch Upside of $0.00001500?
On the daily charts, the Shiba Inu token has exited the sideways phase and sharply jumped above the 20-Day EMA hurdle. The token was hovering in a range for the past weeks and made a bottom near $0.00000800. Afterward, the sellers covered their positions, and the bulls achieved a bounce. The token is glimpsing a rebound and may head toward $0.00001200 shortly. Until the $0.00001500 was not breached, a fresh rally could not be anticipated.
The RSI curve stayed in the overbought zone and witnessed a positive divergence, conveying the bullish momentum. Similarly, the MACD indicator shows a bullish crossover and guides the bulls dominance in the last sessions. Per the Fib retracement levels, the SHIB price has sustained gains above the 23.6% zone and is heading toward $0.00001200, the 38.2% zone.
SHIB Rebounds, Will It Jump Above 100-Day EMA?
On the weekly charts, the Shiba Inu (SHIB) price was in a range and bottomed near $0.00000600, bulls continued to accumulate and witnessed a rebound in the last few sessions. The token signified a bounce and surpassed the 20 and 50-Day EMAs but is yet to cross the 100-Day EMA for a sharp rally upside. However, the token price is still witnessing neutrality and needs to cross the make-or-break region of $0.00001500 for a trend reversal.
Summary
The Shiba Inu (SHIB) price stayed in a narrow range, and a rebound from the critical support zone of $0.00000700 was noted. Moreover, the token has signified a short covering move and has jumped above the round mark of $0.00001000, which is a positive sign for the short term.
Technical Levels
Support Levels: $0.00000900 and $0.00000700
Resistance Levels:$0.00001200 and $0.00001500
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/02/27/shib-price-prediction-shib-reveals-pullback-time-to-buy/