Popular meme coin Shiba Inu$SHIB
, despite facing challenges, is currently in the consolidation phase and is showing signs of recovery. SHIB’s rise is dependent on several critical price points. SHIB’s ability to hold its support above the 100-day EMA, currently at $0.00001664, is the first key ingredient for a turnaround. If it can hold this level, it will have created a solid foundation to initiate a turnaround.
A sustained move above this support would suggest that buyers are becoming more active and market sentiment is likely to turn positive. Staying above this level would increase confidence for additional gains as this has historically been a significant support area.
If the meme coin breaks above this price level, it will prove to have enough momentum to push higher. This area has recently acted as resistance; a breakout would allow SHIB to rally to $0.00001900. Reaching this level would confirm the reversal, attract more buyers and allow for further upward movement.
Critical price levels to watch out for the meme coin have been identified. First of all, it is important to monitor the support level at $0.00001664. SHIB needs to stay above this level to prevent further downward pressure and make a comeback. A drop below this level will indicate a resumption of the downtrend.
The next important level is set at $0.00001800. A break above this resistance could signal a significant shift in market sentiment and could potentially trigger a new wave of buying. This level is critical to confirming a bullish reversal. If a break above this level occurs, the target would be $0.00001900. The altcoin will then aim to rally above $0.00001800. If SHIB can break above this threshold, it will suggest that it has reversed its previous downtrend and is potentially moving into a long-term uptrend.