The broader cryptocurrency market is experiencing a resurgence, regaining some of the losses that plagued it earlier this month. Among the standout performers in this recovery is Shiba Inu (SHIB), which has made significant gains, showcasing its resilience in the ever-volatile crypto landscape.
Shiba Inu Registers Comeback
Market analyst Crypto Sheriff has confirmed that Shiba Inu has emerged as one of the biggest gainers during this market uptick, spiking an impressive 9% over the past week. Currently trading above the 99-week moving average (MA) of $0.00001277, SHIB’s performance indicates a long-term bullish trend. This is particularly noteworthy as it suggests that the token’s recent price is higher than its average price over nearly two years. However, it still faces a strong resistance level at the 25-week MA of $0.00001911, which could challenge any upward momentum towards July’s highs.
Crypto Sheriff believes that the current uptrend may just be the beginning of a more significant rally. “This push will be huge,” he asserts, indicating that breaching the $0.00001537 resistance could pave the way for even more substantial gains.
Consecutive Green Candlesticks Signal Bullish Momentum
Adding to the optimism, SHIB community figure and trader SHIB Knight has highlighted the recent bullish momentum, showcasing a 3-hour chart that reveals an impressive streak of nine consecutive sessions of gains. This impressive feat hasn’t been seen since late February, when Shiba Inu skyrocketed to a yearly peak of $0.000045.
In a similar vein, SHIB made headlines on the 4-hour chart, achieving six consecutive winning sessions, surpassing the $0.000014 mark for the first time this week. However, the token faced a slight setback after hitting a monthly high of $0.00001459, breaching the upper Bollinger Band. Despite this brief pause, SHIB has managed to recover most of its losses and is now positioned to retest the upper Bollinger Band, currently sitting at $0.00001457.
Also Read: Shiba Inu Stuck At $0.00001335 – Will 1.30% Gains Spark A Rally To $0.001 By 2025?
As of now, Shiba Inu trades at $0.00001445, reflecting a 3.44% increase over the last 24 hours. The market cap has surged to approximately $8.49 billion, inching closer to the coveted $8.5 billion mark. Furthermore, the MACD indicator on the 4-hour chart has flipped bullish, signaling positive momentum with a series of green bars indicating sustained bullish control.
Shiba Inu’s impressive rebound amidst the broader crypto market recovery showcases its potential for growth. As bullish sentiment builds, all eyes will be on the resistance levels that SHIB must conquer to secure a more significant rally. With its community rallying behind it and promising market indicators, Shiba Inu appears poised for an exciting phase ahead. Will it break through the resistance and establish new highs? Only time will tell, but for now, SHIB fans have every reason to be optimistic.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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