Highlights
1. The Shiba Inu has shown enough momentum that it has defended the lower support levels fairly, suggesting a bullish breakout is likely.
2. With a new bullish move, the price may enter a key resistance zone, which may pave the way for the coin to form new yearly highs
After a minor bull run, the market appears to have stopped rising as bulls showed some weakness. Nonetheless, major coins have been struggling to trigger a recovery phase, and Shiba Inu is one of them. After bouncing off the lows, SHIB price has been rising, suggesting that bulls are regaining momentum and therefore a significant move higher could be imminent.
In recent years, as trillions of SHIB tokens continue to circulate, the token has attracted significant amounts of liquidity. Whales also appear to have turned their attention to cryptocurrencies, with more than 77 billion SHIB traded in the past 24 hours. Additionally, large amounts of tokens are also being sent to exchanges, indicating that significant volatility may soon occur.
This move could be the result of traders becoming optimistic about the overall market as the coin regains strength after a sharp decline. This is probably the main reason for flipping. The question now is when will Shiba Inu price possibly form a new ATH and drive its value to zero.
SHIB price surged from lows around $0.000009 and touched an interim high of $0.000045. Unfortunately, the bulls ran out of steam, causing the price to drop significantly. However, when traders began to become uncertain about the upcoming trend, memecoin rallied sharply but still failed to enter the key resistance zone.
Additionally, there is a bullish divergence in the daily RSI, but a continued drop in volume may cause some concern. However, market conditions are stabilizing a bit, suggesting that healthy gains may be coming soon. Therefore, the possibility of recovering $0.00003 over the weekend is extremely important to maintain the bullish momentum; otherwise, the sideways trend may continue.
