Shiba Inu (SHIB) is currently riding on the ongoing bullish market, as it records an uptrend above the $0.000008 price level, with critical metrics indicating a sustained bullish run.
SHIB Knight, a prominent Shiba Inu community member, called investors’ attention to this upward trajectory on the 1-hour chart. The SHIB investors confirmed that Shiba Inu is now witnessing an uptrend, with expectations of a “nice pump.”
The chart provided by SHIB Knight highlights this uptrend, indicating that the asset started witnessing it on Nov. 3 when it changed hands between $0.00000766 and $0.00000773. Amid a series of dips and swings, the bulls had the upper hand, triggering the latest uptrend.
SHIB’s Battle Above the Trendline
The uptrend eventually resulted in an upward trendline on the hourly chart, which served as a potent support structure for the asset. The bulls have continuously defended this structure, leveraging it against substantial declines.
Buoyed by the ongoing bullish sentiment in the market, Shiba Inu reclaimed the $0.000008 territory on Nov. 5. Since then, the bears have attempted to drop it below the pivotal price point, but to no avail.
Yesterday, SHIB faced intense selling pressure, seeing it retest the upward trendline. The asset collapsed to a low of $0.00000780, breaching below the $0.000008 stronghold. However, a swift comeback saw Shiba Inu recover its lost values within three hours, setting it above the trendline.
Shiba Inu Position
Shiba Inu’s current price position represents a crucial point, with key indicators favoring the bulls. Currently changing hands at $0.00000824, SHIB comfortably trades above the 200-day MA ($0.00000805) and the 50-day MA ($0.00000744). This represents bullish momentum.
In addition, despite the recent upsurge, SHIB’s Relative Strength Index (RSI) sits in favorable territories in the 1-hour timeframe. Shiba Inu‘s RSI currently stands at 43.62, suggesting that the asset may be approaching oversold conditions.
This is due to the successive declines noticed on the 1-hour chart. A drop in oversold territories could indicate that SHIB is due for a rebound on the hourly timeframe. However, an RSI of 43.62 could signal a potentially weakening trend when combined with a Moving Average (MA) line of 49.63.
Key Shiba Inu Levels to Watch
Should SHIB sustain the uptrend, it would meet severe opposition in its journey to the much-coveted $0.00001 point. The first opposition lies in $0.00000831 at the Fib. 0.5 level. Breaking this level would bring $0.00000841 into play and then $0.00000848.
SHIB will likely witness one of its intense resistance levels at $0.00000869, at the 1.618 Fibonacci level. A break above this point could see Shiba Inu reclaim the $0.000009 for the first time since August, with a solid resistance point at $0.00000903.
Meanwhile, despite the recent drop in its price, Shiba Inu retains market interest. Its volume has increased 50.41% over the past 24 hours to $294.7 million. SHIB’s market cap stays above the $4.8 billion territory, currently at $4.85 billion at the time of reporting.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
