Shiba Inu (SHIB) bounced back from $0.00002367 to $0.00003262, showing a 37.8% increase in a week, driven by Bitcoin’s rebound.
SHIB formed an ascending channel pattern, indicating potential for sustained uptrend towards $0.000032 and possibly $0.000035 and higher.
SHIB’s Commodity Channel Index (CCI) at 53.10 on the daily timeframe suggests room for growth. Resistance lies at $0.00003487, with further targets beyond.
Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has shown remarkable resilience and potential for a more substantial rally after recovering from its recent bottom at $0.000023.
SHIB dropped to $0.00002367 on March 20 amid the broader market’s collapse, coinciding with Bitcoin (BTC), the premier cryptocurrency, slumping to $60,775.
However, as Bitcoin recovers from this low, SHIB has leveraged the ongoing push to reclaim previous highs, skyrocketing from the March 20 low to a high of $0.00003262 today, marking a 37.8% increase over a one-week period.
Shiba Inu Trades in Ascending Channel, Hinting at Sustained Uptrend
In the context of ongoing market recovery efforts, there is anticipation among market participants regarding potential growth in Shiba Inu. According to analysis provided by LitFXMogul, a crypto market analyst, the recent low of $0.00002367 on March 20 is viewed as the bottom for Shiba Inu, suggesting a favorable outlook for upward movement from this point onwards.
#ShibaInu sees a resurgence after bottoming out at $0.00002388 – rallying back to $0.00003Technical indicators suggest potential for further gains!#shib #crypto #DYOR #NFA pic.twitter.com/LopKcozq1a
— LitFXMogul (@LitFXMogul) March 27, 2024
Analysis of data from an accompanying chart indicates that Shiba Inu has been following an ascending channel pattern on the 4-hour timeframe since reaching the aforementioned low, marked by a series of higher highs and higher lows. This pattern typically signifies a sustained uptrend. Despite encountering resistance at the upper trendline, Shiba Inu has demonstrated resilience, mitigating the risk of dropping below the lower trendline.
If Shiba Inu continues to adhere to the ascending channel pattern, there is a possibility that the token could aim to reclaim the $0.000032 level, with potential further movement towards the $0.000035 range before potentially reaching the coveted $0.00004 zone. Over the longer term, reaching $0.00004 could be feasible if Shiba Inu maintains its current trajectory.
Additionally, analysis of SHIB’s commodity channel index (CCI) on the daily timeframe suggests that the crypto token has room for expansion. Despite currently trading at $0.00003241, Shiba Inu’s CCI stands at 53.10, indicating that the token is not yet in the overbought zone, implying potential for further growth.
LitFXMogul has highlighted several resistance levels that SHIB would need to overcome during its upward trend. The initial resistance level is situated at the $0.00003487 price point, and breaching this level could potentially propel SHIB towards $0.000038.
