In recent times, major digital assets, including Shiba Inu, have found themselves in bearish territory following a downswing across the cryptocurrency market. Despite this downturn, several positive indicators suggest that the dog-themed meme coin could be on the brink of a potential rebound in the coming days. With a gradual rise in sentiment surrounding meme coins, Shiba Inu may attract both new and returning investors eager to capitalize on possible rallies.
Shiba Inu Eyes Recovery After Recent Correction
Market expert Fiatleak has highlighted on the X platform (formerly Twitter) that Shiba Inu’s price action is currently showcasing early signs of recovery, hinting at a possible upsurge in the near future. According to the analyst, SHIB is signaling a rebound as bullish momentum starts to develop after a period of downward trend. Renewed buying interest is emerging from both retail and institutional investors, providing a glimmer of hope for a resurgence.
Despite facing several challenging weeks, SHIB has demonstrated the potential for a comeback, currently positioned at $0.000017, reflecting about a 3.89% decline over the past day. However, the recent downturn may be gradually diminishing, as indicated by a buy signal from the TD (Tom Demark) Sequential indicator. Consequently, the expert has identified multiple key resistance levels that investors should monitor during the anticipated rebound.
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Key Resistance Levels to Watch
According to Fiatleak, the first major resistance level is situated at the 200 Simple Moving Average (SMA) of $0.00001891. If Shiba Inu can surpass this critical resistance barrier, it may progress further towards the 50 SMA of $0.00002288, marking a substantial recovery from its recent lows. Fiatleak also emphasized that Shiba Inu’s price continues to be buoyed by the rising demand from retail investors, which remains a positive sign amidst market volatility.
Furthermore, the vibrant and sizable Shiba Inu community, known as the SHIBArmy, plays a significant role in influencing SHIB’s price performance. The expert suggests that any positive comments or developments from this community could contribute to the meme coin’s upward trajectory in the days ahead. Another factor supporting SHIB’s current rally is the recent uptick in trading volume, indicating that buyers are gradually returning to the market.
SHIB Showing Negative Price Performance Today
Earlier this week, SHIB witnessed a notable price increase, reaching the $0.000019 level and sparking a broader market rebound. However, as of today, the second-largest meme coin has experienced a decline to approximately $0.00000170, raising speculations about its short-term potential.
Currently, Shiba Inu is trading at $0.0000174, reflecting a decline of over 1% in the past day. Despite this notable drop, investor sentiment towards the meme coin remains robust, as evidenced by a 15% surge in trading volume over the last 24 hours.
In conclusion, while Shiba Inu faces challenges in the current market climate, various indicators point towards a potential recovery. With bullish momentum building, key resistance levels to watch, and the influence of a dedicated community, SHIB may yet see a resurgence in the coming days. Investors and enthusiasts alike are keeping a close eye on developments, ready to seize opportunities as they arise.
