Shiba Inu Bulls Ready To Soar: Meme Coin Poised For 14% Rally
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Shiba Inu, the popular meme cryptocurrency, is poised to disrupt the downward trajectory that has impeded its growth over the past weeks. Breaching the downturn resistance, the digital asset is now setting its sights on scaling the $0.00001 benchmark, buoyed by a broad-based market rebound.
Bullish Signals on the Horizon
For several weeks, SHIB has faced substantial selling pressure due to a sloping resistance trendline, limiting its value within a confined scope. These restrictions, however, appear to be lifting. With SHIB demonstrating a strong breakout from this trendline over a four-hour timespan, indications of price recovery have emerged. Now the question on everyone’s lips is – can the meme-based coin regain its bullish steam?
Also Read: Bitcoin Nears Major Resistance While Shiba Inu Awaits for a Massive Rise Ahead
At the time of writing, SHIB’s value stands at $0.00000885, having experienced a 2.29% uptick within the last 24 hours and a 0.15% increase over the preceding week. The coin’s trading volume over the last 24 hours is estimated at $184,481,147, contributing to a substantial market capitalization of $5,213,643,634.
The daily Relative Strength Index (RSI) for SHIB gives predominantly bullish cues. For the uninitiated, an RSI reading exceeding 50 coupled with an upward trajectory typically signifies a favorable environment for bulls. Conversely, readings below 50 spell out bearish dominance.
Despite its current value below 50, the RSI for SHIB is on the rise, stepping out from the oversold zone. A bullish divergence further supports this optimistic trend.
Breaking Free for a 14% Ascent
Echoing the daily timeline, the RSI’s upturn was accompanied by a bullish divergence, indicative of a likely rise towards the $0.000010 resistance mark, and potentially even extending to the triangle’s resistance line at $0.000012.
Having shattered the resistance trendline, SHIB’s value is predicted to rise by 14%. However, the anticipated rally may encounter a significant bottleneck at the $0.00000917 mark.
Shiba Inu’s journey thus far has been marked by unpredictable twists and turns. As the token now stands at the cusp of a critical breakout, the digital coin’s community, known as the “SHIB Army,” waits with bated breath for the next upward leap.
