In recent days, the price of the Shiba Inu (SHIB) token has been showing signs of growth, bouncing back from strong support at $0.00001150.
Current SHIB Price Dynamics
Throughout the past week, SHIB fluctuated between $0.00001140 and $0.00001190. Sellers failed to break the $0.00001130 level, while buyers are gradually forming a pattern of higher lows. A falling wedge on the 4-hour charts is nearing a potential breakout, indicating a short-term change in momentum.
Technical Indicators and Their Significance
Technical indicators are beginning to reflect bullish sentiment, with RSI rising to 67.70 on the 30-minute chart. Meanwhile, MACD has turned bullish, and Supertrend turned green at $0.00001154. These indicators suggest expected market strength as the price tries to overcome current resistance.
Future of SHIB: Possible Scenarios
SHIB currently faces resistance in the range between $0.00001260 and $0.00001340. A break above this area may allow the price to trend to $0.00001450 with increased volume. Although the outlook on SHIB has shifted slightly in favor of bulls, confirmation above $0.00001220 is still needed. Until that level is reclaimed, the token remains in a cautiously optimistic phase.
While Shiba Inu shows signs of recovery, overcoming critical resistance levels is essential for confidence in further growth.
