Shiba Inu On the Rise: Will it Beat the 0.000015 Mark With a Bullish Breakout?
Bitcoin recently experienced a sudden bullish spike, pushing its value above $59,000. This surge has reignited the activity surrounding meme coins. The second largest meme coin has reclaimed a market cap exceeding $8 billion and is trending upwards.
A Strong Support Level at $170
The daily chart for the Shiba Inu meme coin indicates a falling channel pattern. Despite bearish pressure, the $170 support level is proving to be a robust stronghold, preventing the price from dropping below this point. This support has led to a sideways trend, with the recent bear cycle finding early support at this level, resulting in a 3.85% increase on Monday.
Read Also: Cardano’s Chang Hard Fork Has Been Launched: Get the Inside Scoop
At present, the meme coin is trading at $0.00001364, showing a minor 0.12% retracement from its 24-hour high of $0.00001385. The strengthening bullish divergence within this support range hints at an upcoming reversal rally.
In the one-hour chart, Shiba Inu has experienced a breakout rally, surpassing the X level and challenging the 23.60% Fibonacci level at $0.00001379. The breakout rally is currently caught between the X level and the 23.60% level at $0.00001379, increasing the likelihood of a golden crossover in the hourly chart during the recovery.
Key Shiba Inu Levels
On the daily chart, the resistance levels for Shiba Inu are situated at $0.00001460, $0.00001636, and $0.00001931. Given the market’s recovery and the bullish divergences, the upside potential for the meme coin is considerable. On the downside, a drop below $0.00001270 could find support at the psychological mark of $0.00001080.
Read Also: Why Terra Classic Recovery Lingered Despite Binance LUNC Burn
Follow us on Twitter, Facebook, Telegram, and Google News
Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
