Recently, bullish sentiment has returned to the Shiba Inu market, which may prevent further price declines after weeks of significant selling pressure.
Shiba Inu: A Chance for Recovery
According to the daily chart, SHIB recently found support at the $0.0000120 level, a critical area that previously served as resistance. The market's ability to hold this level indicates that buyers are intervening to stop further losses.
Technical Situation Analysis
SHIB is still trading below the 50-day EMA at $0.00001296, while the 100-day EMA is hovering around $0.00001324. For bulls to regain control, they must overcome several resistances formed by the long-term 200-day EMA, which is higher at about $0.00001450.
Prospects and Risks
Although there are signs of bullish pressure, the volume remains low. If SHIB can maintain momentum and break above $0.00001296, targets will be $0.00001324 and $0.00001450. Conversely, if the price does not stay above $0.0000120, support in the $0.0000115-$0.0000110 zone might soon become relevant.
For the time being, bulls have successfully held important territory, preventing the feared zero removal. The market's ability to attract new buyers and maintain upward pressure will be crucial for the situation's further development.
