After experiencing a dip in the market last week, the price of Shiba Inu (SHIB) appears to be recovering at present. Some analysts believe that the meme-inspired token is poised for a bullish run in the near future.
In the past 24 hours, Shiba Inu seems to be reversing its fortunes after losing nearly 10% of its value during the week. SHIB is up by 2% today and appears to be building momentum for a price rally
Shiba Inu Holds Above Critical Support
Despite the buying frenzy by the SHIB whales, the price of Shiba Inu has been on a downward trend in recent days. It's worth noting that the trend of whale accumulation has slowed down in the last 24 hours.
The entire crypto market was affected by a significant price drop experienced by Bitcoin, the largest cryptocurrency by market cap, in the previous week. The latest bearish trend of the blue-chip crypto impacted the value of several altcoins, including SHIB.
On Wednesday, 19th April, the Shiba Inu price decline began with the coin losing more than 5% of its value in one day. Over the next few days, the meme token would fall by a further 7.47%.
However, SHIB has displayed remarkable strength and stability by not falling below the critical $0.00001 price level, which was last breached on March 10. Since rising above this level on the same day, the Shiba Inu market has been in consolidation, with its price ranging between a low of $0.0000101 to a high of $0.0000117.
Time For A Rally?
At the time of writing, a SHIB token is valued at $0.00001046, reflecting a nearly 3% increase since the coin found support at the critical $0.0000101 level.
Shiba Inu's ability to hold above this significant support level is a strong indicator of bullish momentum. This threshold has proven to be a vital point a couple of times already, and a sustained hold above this level would likely lead to a major price upswing.
Going by past price action, Shiba Inu appears to be set for another retest of the range high at $0.0000117. If there is prolonged buying pressure, SHIB could break this level and reach the $0.0000126 point, representing a 20.4% increase from the current price.
While this projection appears plausible, it may not come to fruition if the SHIB price does not gather enough bullish momentum from this current run.
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Source: newsbtc
image Source: Photo by Traxer on Unsplash
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Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
