Main digital assets such as shiba inu have entered bearish territory lately following a drop in the overall crypto market during the week. However, with several positive trends cited around its price, the dog-themed meme coin could be primed for a possible rally in the coming days.
With feeling around coins memes By gradually rising in the sector, Shiba Inu could see a wave of new and old investors who are closely watching possible rallies.
Shiba Inu’s Eye Recovery After Recent Correction
The market expert Fiatleak on the X platform (formerly Twitter) has reported That Shiba Inu price action is currently showing early signs of recovery, suggesting a possible rebound in the near term. The analyst claims that SHIB is hinting at a rally as bullish momentum begins to build in the market after a period of downward movement, with renewed buying interest emerging from retail and institutional investors.
Despite several difficult weeks, SHIB has shown potential for a resurgence and currently stands at $0.000017, indicating around 3.89%. decline during the last day. However, the recent downtrend could be slowly tapering off, as identified by a buy signal provided by the TD Sequential Indicator (Tom Demark).
As a result, the expert has pointed out multiple key resistance levels that investors should pay attention to during the rebound. According to Fiatleak, the first major resistance lies at the 200-period SMA of $0.00001891. If Shiba Inu breaks through this major resistance barrier, it may advance further towards the 50 SMA of $0.00002288, indicating a strong recovery from its recent lows.
Fiatleak highlighted that the price of Shiba Inu remains supported in the face of market volatility due to the growing demand from retail investors. In addition, its always vibrant and large community, known as the shiba army, remains an important influence on SHIB price performance.
The expert affirms that any encouraging comment or information of the community can contribute to the upward movement of the meme coin in the coming days. Another factor cited by Fiatleak that could help sustain SHIB’s current rally is the recent increase in trading volume, which suggests that buyers are starting to return to the market.
SHIB shows negative price performance today
Earlier this week, SHIB saw notable price growth to the $0.000019 level, sparking a broader market rally. However, as of today, the second largest meme coin has plummeted to approximately $0.00000170, sparking speculation about its short-term potential.
Currently, Shiba Inu is trading at $0.0000174, showing a drop of more than 1% in the last day. Despite the notable drop, investors continue to show strong sentiment towards the meme coin, as evidenced by a 15% increase in trading volume in the last 24 hours.
Featured image from Adobe Stock, chart from Tradingview.com
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