The meme coin Shiba Inu (SHIB) is drawing attention once again as it maintains its price level and prepares for potential growth.
Current Market Situation of SHIB
SHIB closed the last week at $0.00001334, indicating it is holding above an important support level. If momentum continues, a rise of 20% is possible.
Technical Indicators and Support
The price of SHIB is moving towards the upper Bollinger Band on the weekly chart, currently around $0.00001554.
The support zone between $0.00001200 and $0.00001300 has served as a launch pad for months, with successful retests since last year.
The last week's nearly 13% gain came from a bounce off the lower part of the range and a close above the 20-week moving average for the first time in two months.
Growth Prospects for SHIB
The opening of the Bollinger Bands suggests a potential return of volatility. If SHIB extends to the upper band, it could reach around $0.00001550, approximately 20% higher than its current price.
An important factor is the approach to this level from a higher low, with less overhead resistance. The recent breakout also clears a short-term bearish trendline that has been in place since May. To maintain this bullish scenario, an increase in trading volume and buyer support for the breakout structure are necessary.
Shiba Inu (SHIB) displays signs of potential growth, with technical indicators signaling possible upward movements. Market participants are closely monitoring further developments.
