Popular dog-themed meme coin Shiba Inu may be transitioning towards bullish territory once more as SHIB seems to be regaining its upward momentum for another notable rally after a recent price decline, which caused the token to drop to the $0.000023 level.
Upside Strength Building Up For Shiba Inu
Following renewed strength in the market, crypto experts at Rose Premium Signals on the X (formerly Twitter) platform have forecasted that Shiba Inu might be poised for a bullish price breakout as the meme coin eyes key resistance levels.
With technical indicators pointing to rising momentum, the meme coin may be able to break through the present resistance barriers and move into a new growth phase. This prediction comes in the midst of growing expectations of significant price gains for SHIB in the near term.
While Shiba Inu has been in a consolidation phase for the past few days, Rose Premium highlighted that the token is finally demonstrating the potential to break out from this crucial price trend. Meanwhile, the accumulation zone is positioned between the $0.00002387 and $0.00002541 levels, offering a chance to enter.
According to Rose Premium, this current setup implies a bullish continuation for SHIB as it approaches these resistance levels. In the event that the meme coin surpasses these levels, the platform has pointed out several higher levels, such as $0.000031040, $0.000034024, and $0.000037372, as the next possible targets for Shiba Inu in the upcoming weeks.
SHIB poised for a breakout from consolidation phase | Source: Rose Premium Signals on X
As a result, the platform has cautioned that traders should minimize risk by setting stop-losses below support zones while waiting for a confirmation of the breakout. “SHIB remains a key asset to monitor for short-term growth,” Rose Premium stated.
SHIB’s rally to higher highs is further indicated by a bullish prediction from crypto expert and investor Ali Martinez, in which he underlined SHIB’s path to the $0.00003 level, sparking optimism within its community about its price potential.
At the time of the post, Martinez noted that Shiba Inu encountered resistance at the $0.000025 level, a key area where about 40,000 addresses accumulated over 34.6 trillion SHIB, indicating strong support. Thus, the expert foresees a rally to $0.000039 should the meme coin maintain a close over this $0.000025 mark.
SHIB Showing Positive Performance Amid Market Resurgence
SHIB is responding to renewed rising market sentiment and optimism, triggering a brief recovery from the $0.000023 range. Presently, Shiba Inu is trading at $0.0000248, indicating a more than 2% rise in the past day.
Despite the slight increase, the meme coin’s trading volume is demonstrating a decrease of over 39%, suggesting a strong market grip by bears. With the current $0.000024 resistance level broken, SHIB may extend its recent upside strength once bulls take control of the market.
SHIB trading at $0.0000248 on the 1D chart | Source: SHIBUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
