Major digital assets such as Shiba Inu It turned into bearish territory recently following a decline in the overall cryptocurrency market during the week. However, with several positive trends being noted around its price, the dog meme coin could be poised for a potential rebound in the coming days.
With feelings around Meme coins With a gradual rise in this sector, the Shiba Inu may face a wave of new and old investors keeping a close eye on potential upsides.
The Shiba Inu is looking to recover after the recent correction
Market expert Fiatleak on X platform (formerly Twitter). I mentioned The Shiba Inu’s price action is currently indicating early signs of recovery, indicating a potential rally in the near term. The analyst claims that SHIB is hinting at a recovery as bullish momentum begins to develop in the market after a period of downward movement, with renewed buying interest emerging from retail and institutional investors.
Despite several difficult weeks, SHIB has shown potential for a comeback as it currently stands at $0.000017, indicating around 3.89%. decrease During the past day. However, the recent downtrend may be slowly fading as indicated by the buy signal provided by the TD Sequential Indicator (Tom Demark).
As a result, the expert pointed out multiple key resistance levels for investors to watch during the recovery. According to Fiatleak, the first major resistance lies at the 200 simple moving average (SMA) of $0.00001891. If the Shiba Inu breaks this important resistance barrier, it could move further towards the 50 SMA at $0.00002288, indicating a strong recovery from the recent lows.
Fiatleak highlighted that the price of the Shiba Inu remains the same Supported In the face of market fluctuations due to increasing demand from individual investors. It also has a large, vibrant community, known as shibarimi, It continues to have a significant impact on SHIB’s price performance.
The expert claims that any comments are encouraging or… Information From the community, it may contribute to the upward movement of the meme currency in the coming days. Another factor noted by Fiatleak that could help sustain SHIB’s current rally is the recent increase in trading volume, which indicates that buyers are starting to return to the market.
SHIB shows negative price performance today
Earlier this week, Gray It saw significant price growth to the $0.000019 level, leading to a broader market recovery. However, as of today, the second largest meme coin has fallen to around $0.00000170, sparking speculation about its short-term potential.
Currently, the Shiba Inu is trading at $0.0000174, showing a decline of more than 1% in the past day. Despite the notable decline, investors continue to show strong sentiment towards the meme coin, as evidenced by a 15% increase in trading volume over the past 24 hours.
Featured image from Adobe Stock, chart from Tradingview.com