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The Shiba Inu (SHIB) token has caught the attention of bulls, showing a circular recovery over the past few trading days. The token’s momentum is robust, bouncing back from a critical support level at $0.00000900 per US dollar and surging over 20% this month. Additionally, SHIB has broken through the psychological barrier of $0.00001000 per US dollar, escaping its consolidation phase, indicating that the bulls remain strong and are likely to continue expanding the upward trend.
The SHIB token price has surpassed key moving averages, guiding buying momentum over the past few trading days. Despite multiple attempts, the token has successfully achieved a rebound, reflecting positive sentiment. If the token’s gains remain above $0.00001000 per US dollar, it may continue to widen its rally. However, bearish retracement actions could lead to the token retesting the upside space around $0.00001500 per US dollar in the coming trading days.
As of the time of writing, the Shiba Inu (SHIB) price stands at $0.00001039 per US dollar, with an intraday gain of 9.90%. The trading volume has surged by 203.33%, reaching $43.937 million. The SHIB/BTC price is 0.000000000184 BTC, with a market capitalization of $6.12 billion. The weekly return rate for the Shiba Inu token is 4.85%, and the monthly return rate is 13.58%. Analysts maintain a neutral stance, suggesting that the SHIB price will further expand its pullback and may potentially rise to $0.00001500 per US dollar in the upcoming trading days.
Shiba Inu’s Strong Momentum: Can SHIB Break the $0.00001500 Per US Dollar Upside Space?
On the daily chart, the Shiba Inu token has exited its sideways phase and surged significantly above the 20-day moving average resistance. Over the past few weeks, the token has hovered within a range, bottoming out near $0.00000800 per US dollar. Subsequently, sellers covered their positions, leading to a bullish rebound. The token is currently experiencing a bounce, potentially rising to $0.00001200 per US dollar soon. However, until it breaks through $0.00001500 per US dollar, new rebounds cannot be anticipated.
The RSI curve is in overbought territory and exhibits positive divergence, signaling a bullish trend. Similarly, the MACD indicator shows a bullish crossover, guiding the bulls’ dominance in recent trading days. Based on Fibonacci retracement levels, the SHIB price continues to rise above the 23.6% region and is approaching the 38.2% region at $0.00001200 per US dollar.
Can SHIB Rebound and Break the 100-Day Moving Average?
On the weekly chart, the Shiba Inu (SHIB) price has been oscillating within a range, bottoming out near $0.00000600 per US dollar. Bulls continue to accumulate, resulting in rebounds over the past few trading days. The token has surpassed the 20-day and 50-day moving averages but has yet to break the 100-day moving average for a significant uptrend. However, the token price remains neutral, requiring a breakthrough in the success/failure zone around $0.00001500 per US dollar to achieve a trend reversal.
Summary: The SHIB price remains within a narrow range, rebounding from a critical support area near $0.00000700 per US dollar. Additionally, the token has exhibited bearish retracement trends and surged to the psychological level of $0.00001000 per US dollar, which is a positive signal for the short term.
Sentiment: Positive
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