Emily Walker
The popular dog-themed meme cryptocurrency, Shiba Inu, may be on the verge of a positive price movement again. After experiencing a dip that brought its price down to $0.000023, SHIB is starting to show signs of renewed upward momentum.
Growing Positive Momentum for Shiba Inu
With the market showing recovery, crypto analysts from Rose Premium Signals on X (previously known as Twitter) have predicted that Shiba Inu might be ready for a bullish breakout, looking to challenge significant resistance levels.
Technical analysis reveals that the coin is accumulating momentum, which may allow it to overcome current resistance levels and enter a new phase of growth. This comes amid increasing expectations that SHIB will experience notable price increases shortly.
Although Shiba Inu has been trading sideways for several days, Rose Premium indicates that it is finally showing signs of breaking out of this trend. The accumulation range lies between $0.00002387 and $0.00002541, presenting an opportunity for investors to enter.
Rose Premium suggests that this setup is indicative of a bullish continuation for SHIB as it approaches these resistance points. If the coin can surpass these levels, the expert platform identified several potential targets, including $0.000031040, $0.000034024, and $0.000037372, for the coming weeks.
The platform advised traders to mitigate risk by setting stop-loss orders below support levels while waiting for a breakout confirmation. Rose Premium emphasized that “SHIB is an essential asset to watch for short-term gains.”
Supporting the bullish outlook, crypto analyst Ali Martinez shared a prediction pointing towards SHIB’s movement towards the $0.00003 level, which has boosted community optimism regarding its price potential.
At the time of his analysis, Martinez observed that Shiba Inu faced resistance at the $0.000025 level, where approximately 40,000 wallets have bought over 34.6 trillion SHIB, indicating a solid support base. He foresees a potential rise to $0.000039 if the meme coin can maintain a price above $0.000025.
Positive Trends for SHIB Amid Market Rally
SHIB is benefiting from a revived positive market sentiment, leading to a short-term recovery from the $0.000023 range. Currently, Shiba Inu is trading at $0.0000248, reflecting an increase of more than 2% over the last day.
Despite this modest increase, trading volume for the meme coin has dropped by over 39%, indicating a strong presence of bearish pressure. With the recent breach of the $0.000024 resistance level, SHIB could continue its upward trend if bulls take charge of the market.