Major digital assets like Shiba Inu have shifted into bearish territory lately following a downswing in the general crypto market within the week. However, with several positive trends cited around its price, the dog-themed meme coin could be poised for a potential rebound in the coming days.
With sentiment around meme coins gradually rising in the sector, Shiba Inu might experience a wave of new and old investors who are closely watching for possible rallies.
Shiba Inu Eyes Recovery After Recent Correction
Market expert Fiatleak on the X (formerly Twitter) platform has reported that Shiba Inu’s price action is presently demonstrating early signs of recovery, suggesting a potential upsurge in the near term. The analyst claims that SHIB is hinting at a rebound as bullish momentum begins to develop in the market after a period of downward movement, with renewed buying interest emerging from both retail and institutional investors.
In spite of several challenging weeks, SHIB has shown the potential for a resurgence with its currently situated at $0.000017, indicating about a 3.89% decline over the past day. Nonetheless, the recent downside trend might be slowly diminishing as identified by a buy signal provided by the TD (Tom Demark) Sequential indicator.
As a result, the expert has pointed out multiple key resistance levels for investors to watch for during the rebound. According to Fiatleak, the first major resistance is located at the 200 Simple Moving Average (SMA) of $0.00001891. Should Shiba Inu break over this significant resistance barrier, it may move further toward the 50 SMA of $0.00002288, signaling a robust recovery from its recent lows.
Fiatleak highlighted that Shiba Inu’s price is still being supported in the face of market volatility by the rising demand from retail investors. Also, its ever-vibrant and sizeable community, known as the SHIBArmy, continues to be a major influence on SHIB’s price performance.
The expert claims that any encouraging comments or information from the community may contribute to the meme coin’s upward movement in the coming days. Another factor cited by Fiatleak that could help maintain SHIB’s current rally is the recent increase in trading volume, which suggests that buyers are starting to return to the market.
SHIB Showing Negative Price Performance Today
Earlier this week, SHIB saw a notable price growth to the $0.000019 level, triggering a broader market rebound. However, as of today, the second-largest meme coin has plummeted to about $0.00000170, triggering speculations about its short-term potential.
Presently, Shiba Inu is trading at $0.0000174, demonstrating an over 1% decline in the past day. Despite the notable drop, investors continue to show strong sentiment toward the meme coin, as evidenced by a 15% surge in trading volume over the last 24 hours.
Featured image from Adobe Stock, chart from Tradingview.com
Source: https://bitcoinist.com/shiba-inu-sees-positive-price-sentiment/