After several weeks of sideways movement, the cryptocurrency Shiba Inu (SHIB) is showing signs of recovery. As holders awaited patiently, the coin is beginning to post some bullish signals.
Current Metrics of SHIB
Currently, Shiba Inu's price is slightly up, remaining steady amid fluctuations in the cryptocurrency market. While the increase is not significant, the focus is not only on price but also on events occurring beneath the charts.
Technical Signals and Trading Volume
On the hourly chart, SHIB has formed a golden cross—a technical pattern where a short-term moving average crosses above a longer one. In this case, the 50-period moving average has risen above the 200-period, which experts often view as an early sign of potential rally. In recent days, the trading volume for SHIB has spiked, indicating that market participants are actively placing bets on the price's future direction.
Future Price Movement and Support Levels
The price of Shiba Inu has bounced back 11% this week, and recent trading patterns suggest further gains could lie ahead. SHIB even touched $0.00001198 before slipping slightly by 1%. Currently, the price is testing a resistance zone between 0.00001180 and 0.00001185. If it manages to break and hold above 0.00001190, it could quickly climb towards 0.00001220.
Shiba Inu is showing signs of recovery after a prolonged sideways period. Increased trading volumes and technical signals may indicate potential growth in the coming days.
