Shiba Inu (SHIB) Gains Momentum After Holding Crucial Support on 2-Day Chart

• Shiba Inu maintains crucial support on the 2-day chart, indicating a possible bounce in price.
• Analysts observe increasing buying pressure, suggesting a potential bullish reversal could occur for SHIB soon.
• Technical indicators show mixed signals, yet market conditions hint at possible upward momentum developing shortly.

Shiba Inu (SHIB) is showing signs of a probable bounce as it has maintained an important support level. Market trends are revealing that purchasing pressure is taking over, preparing the way for an upside movement. It is anticipated that, in case the trend remains positive, SHIB may test resistance levels.

At the time of writing, Shiba Inu (SHIB) is trading at $0.00007573, with a 24-hour trading volume of $106.14 million and a market cap of $4.48 billion. Over the last 24 hours, SHIB has seen a dip of 4.22%, reflecting some short-term pressure.

Source: CoinMarketCap

Shiba Inu Signals Potential Reversal

Crypto analyst GainMuse noted that SHIB had just bounced out of a wide-ranging base and was tightening above a rising support line. According to that analyst, while the bearish scenario is possible, there is a good chance that a reversal towards a bullish move may occur.

Source: X

Shiba Inu Nears Bullish Breakout

Moreover, another analyst, Butterfly, pointed out the establishment of support for SHIB at the bottom of the descending channel in the 2-day chart. The important level seems to be doing well, with a rise in buying pressure being observed.

Source: X

With these technical indicators in place, it appears that SHIB is on the verge of a potential bullish move. Investors and supporters are eagerly watching the developments because the token seems to be on the verge of rising to even greater heights.

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SHIB Trend Remains Bearish Overall

The value for RSI is seen at 33.54, remaining below the mid-level of 50, indicating weaker buying momentum, while its average is close to 39.05, indicating there is no recovery. The MA Ribbon plot using 20, 50, 100, and 200 SMA is stacked negatively, as all important Moving Averages are below the price.

On the MACD (12, 26, 9) chart, the MACD is below the signal line, and both are trading in negative territory. However, the histogram is slightly red, which indicates that the bearish momentum is also present, although the selling momentum is not accelerating quickly. Therefore, based on the MACD index, weakness is also continuing, and there is no indication of a reversal.

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