Amid the broader market recovery, a bullish resurgence in Shiba Inu teases a jump ahead. Could this leap propel it to surpass the long-lost $0.000015 region?
With a sudden bullish spike in Bitcoin to reclaim the $59K mark, the meme coins are back in action. Amid the recovering segment, the second biggest meme coin reclaims the $8 billion market cap and heads higher.
Will this latest recovery run conclude the long-coming lower high formation in the Shiba Inu price trend?
Strong Bullish Fort at $0.000012
The Shiba Inu meme coin shows a falling channel pattern in the daily chart. Despite a bearish influence, the $0.00001270 support level is acting as a bullish stronghold, avoiding a closing price beneath it.
The support level leads to a sideways trend above this level. Currently, a bear cycle from the 50-day EMA takes early support from this level and concludes the bear cycle with a 3.85% jump on Monday.
Currently, the meme coin is trending at $0.00001364 with a minor pullback of 0.12% from the 24-hour high of $0.00001385. The growing bullish divergence over the constant support range teases a reversal rally.
In the one-hour chart, Shiba Inu shows a trendline breakout rally gaining momentum. The uptrend surpasses the 50 EMA and challenges the 23.60% Fibonacci level at $0.00001379.
Currently, the breakout rally is trapped between the 50 EMA and the 23.60% level at $0.00001379. Thus, the chances of a golden crossover in the hourly chart increase with the recovery run.
Critical Shiba Inu Levels
Based on the Shiba Inu price action in the daily chart, the overhead resistances are at $0.00001460, $0.00001636, and $0.00001931. With the recovering market and the bullish divergences, the upside potential is higher in the meme coin.
On the bottom side, a breakdown below $0.00001270 can find support at the psychological mark of $0.00001080.
Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
