As Bitcoin's price returns to $63,000, the memecoin market has shown strong bullish activity, with tokens like Dogecoin and Shiba Inu seeing significant price increases.

SHIB Holds Its Important Support Level

Amid increased volatility in the cryptocurrency market, Shiba Inu's price jumped ~4% over the past 24 hours with a trading volume of $546.169 million, marking a growth of 118.42%. Despite a 1.93% weekly drop, the memecoin surged 38.81% over the past month and has a Year-to-Date (YTD) return of +73.34%. Notably, with a market capitalization of $10.567 billion, this Ethereum-based project ranks 13th in the market.

Shiba Inu Technical Sentiments

The EMA 50/200-day shows an upward trend. It also hints at a potential "Golden Cross" in the 1D timeframe, indicating a possible bullish reversal. The RSI indicator stays above the neutral point, though the average trendline serves as a resistance, suggesting mixed market sentiments for the memecoin.

Is SHIB a Good Investment?

If bulls maintain momentum, Shiba Inu's price could retest the resistance trendline of the triangle pattern. A bullish breakout might lead it towards its resistance level of $0.00002350. Conversely, if bears regain control, the price could revisit its support level of $0.0000170 or plunge to its crucial low of $0.00001175.

Shiba Inu continues to exhibit volatility, attracting investor interest. The outcome hinges on whether the memecoin can overcome resistance and sustain growth.