Popular dog-themed meme piece Shiba Inu could be transitioning into bullish territory again, as SHIB appears to be regaining its upward momentum for another notable rally after a recent price decline, which sent the token tumbling to the $0.000023 level.
Upside Strength Strengthens for Shiba Inu
Following renewed market strength, crypto experts at Rose Premium Signals on the X platform (formerly Twitter) foreseen that Shiba Inu could be ready for a bullish price breakout as the meme eyes key resistance levels.
With technical indicators indicating increasing momentum, the meme coin might be able to break through current resistance barriers and enter a new growth phase. This forecast comes amid growing expectations of significant price gains for SHIB in the near term.
While Shiba Inu has been in a consolidation phase for several days, Rose Premium highlighted that the token finally demonstrates the burst potential of 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 case the meme coin surpasses these levels, the platform has flagged several higher levels, such as $0.000031040, $0.000034024, and $0.000037372, as possible next targets for Shiba Inu in the coming weeks.
As a result, the platform warned that traders should minimize risks by setting stop-losses below support zones while awaiting confirmation of the breakout. “SHIB remains a key asset for monitoring near-term growth,” Rose Premium said.
SHIB’s rally to higher highs is further indicated by a bullish movement. prediction by crypto expert and investor Ali Martinez, in which he highlighted SHIB’s path towards the $0.00003 level, sparking optimism within his community on its price potential.
At the time of publication, Martinez noted that Shiba Inu encountered resistance at the $0.000025 level, a key area where around 40,000 addresses have accumulated over 34.6 trillion SHIB, indicating strong support. Thus, the expert predicts a rally to $0.000039 if the meme coin maintains a close above this $0.000025 mark.
SHIB posts positive performance amid market resurgence
SHIB reacts to rising market sentiment and optimism, triggering a brief recovery from the $0.000023 range. Currently, Shiba Inu is trading at $0.0000248, indicating a rise of over 2% over the past day.
Despite the slight increase, the trading volume of the meme coin shows a decrease of over 39%, suggesting a strong grip of bears on the market. With the current resistance level of $0.000024 broken, SHIB could extend its recent bullish strength once bulls take control of the market.
Featured image from Unsplash, chart from Tradingview.com
