Major digital assets such as Shiba Inu have entered bearish territory lately following a downturn in the overall crypto market within a week. However, with several positive trends being mentioned around the price, the dog-themed meme coin could be primed for a possible rebound in the coming days.
With sentiment all around meme coins As the sector gradually rises, Shiba Inu could experience a surge of new and old investors watching closely for potential rallies.
Shiba Inu eyes recovery after recent correction
Market expert Fiatleak has done this on the X platform (formerly Twitter). reported that Shiba Inu price action is currently showing the first signs of recovery, pointing to a possible near-term rebound. The analyst claims that SHIB is hinting at a recovery as bullish momentum begins to build in the market after a period of downward movement, with renewed buying interest emerging from both retail and institutional investors.
Despite a challenging few weeks, SHIB has shown the potential for a revival, with the stock currently trading at $0.000017, indicating an upside of around 3.89%. reject during the past day. Nevertheless, the recent downtrend could be slowly subsiding, as evidenced by a buy signal from the TD (Tom Demark) Sequential indicator.
As a result, the expert has identified several key resistance levels that investors should pay attention to during the recovery. According to Fiatleak, the first major resistance is at the 200 Simple Moving Average (SMA) at $0.00001891. Should Shiba Inu break this significant resistance barrier, it could move further towards the 50 SMA of $0.00002288, signaling a strong recovery from the recent lows.
Fiatleak emphasized that the price of Shiba Inu is still high supported in light of market volatility due to increasing demand from private investors. Also the ever vibrant and sizable community known as the SHIBAarmy, continues to have a major influence on SHIB’s price performance.
The expert claims that any encouraging comments or information from the community can contribute to the upward movement of the meme coin in the coming days. Another factor cited by Fiatleak that could help sustain SHIB’s current rally is the recent increase in trading volume, which suggests that buyers are starting to return to the market.
SHIB is showing negative price performance today
Earlier this week, SHIB saw notable price growth to the $0.000019 level, leading to a broader market recovery. However, as of today, the second-largest meme coin has fallen to around $0.00000170, prompting speculation about its near-term potential.
Currently, Shiba Inu is trading at $0.0000174, showing a decline of over 1% in the past day. Despite the notable drop, investors continue to show strong sentiment towards the meme coin, as evidenced by a 15% increase in trading volume over the past 24 hours.
Featured image from Adobe Stock, chart from Tradingview.com