Bitrabo Editorial
Recently, major cryptocurrencies, including Shiba Inu, have entered a bearish phase due to a decline in the overall crypto market. Nevertheless, several encouraging indicators suggest that this dog-themed meme coin might be on the verge of a bounce back soon.
With growing enthusiasm for meme coins, Shiba Inu could attract both returning and new investors who are keenly observing potential upswings.
Shiba Inu Looks to Bounce Back After Recent Dip
Market analyst Fiatleak recently noted on X (formerly Twitter) that Shiba Inu’s price movements are showcasing initial hints of recovery, indicating a possible price rally ahead. The analyst believes SHIB is signaling a rebound as the market sees a shift toward bullish momentum following a decline, with increased interest from both retail and institutional investors.
Despite facing tough weeks, SHIB holds promise for a comeback, currently priced at $0.000017, reflecting a 3.89% drop in the last 24 hours. However, this downtrend may be showing signs of cessation, as evidenced by a buy signal identified through the TD (Tom Demark) Sequential indicator.
The analyst highlighted several crucial resistance points for traders to monitor during this rebound phase. Per Fiatleak, the initial key resistance sits at the 200 Simple Moving Average (SMA) of $0.00001891. Should Shiba Inu surpass this resistance level, it could head towards the 50 SMA of $0.00002288, signaling a significant recovery from its recent lows.
Fiatleak pointed out that despite market fluctuations, Shiba Inu’s price remains buoyed by rising interest from retail investors. Additionally, the vibrant community, known as the SHIBArmy, continues to play a vital role in influencing SHIB’s price trajectory.
The analyst suggests that any positive remarks or developments from this community could aid the meme coin’s upward trend in the upcoming days. Another factor mentioned by Fiatleak that may support SHIB’s ongoing rally is the recent uptick in trading volume, indicating that buyers are re-entering the market.
SHIB Underperforming in Price Today
Earlier this week, SHIB experienced substantial price appreciation, reaching the $0.000019 mark, which contributed to a broader market recovery. However, it has since dropped to around $0.00000170, prompting questions about its short-term outlook.
Currently, Shiba Inu is trading at $0.0000174, reflecting an over 1% decrease in the past day. Despite this drop, investor sentiment towards the meme coin remains robust, as indicated by a 15% increase in trading volume over the last 24 hours.