Shiba Inu (SHIB) price has crossed a significant barrier as the overall market environment remains bullish. The recent rally of Bitcoin (BTC) to above $106,000 has boosted the morale of the market and impacted many other coins including meme coins such as SHIB.
Market experts are waiting for important resistance levels to be breached to see the token’s next move as it approaches its possible breakthrough.
Shiba Inu Key Resistance at $0.00003 Holds the Spotlight
Shiba Inu coin is currently valued at around $0.00002747 and it has fallen slightly in the last one day. Furthermore, analysts are keen on the price to cross the $0.00003 mark to validate the upward momentum. The price was relatively stable but swayed between $0.00002687 and $0.00002826 at one point in the day.
In addition, the Bull Bear Power (BBP) has its value at 0.000006338 indicating that bulls are slightly in control even with the prevailing pressure. This shows that buyers have successfully defended a very vital support zone.
However, the bullish trend seems to be slowing down as BBP has pulled back from its earlier peaks, which means that the sellers are trying to take control. A further decline below zero might indicate that bearish pressure is mounting.
Moreover, the MACD indicator shows that the bullish pressure is decreasing. The MACD line has moved close to the signal line with the values at 0.00002973 and 0.00001761 respectively.
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The histogram bars at the bottom of the chart are decreasing, which corresponds to the disappearance of upward movements, which can be seen in the last bearish candlesticks. If the MACD line crosses below the signal line then it may indicate a bearish trend reversal.
An average price close above $0.00003 will be key to enhancing the upward trend for SHIB. This may lead to higher buying pressure from the investors which will push the price to $0.000035 soon.
Market Sentiment Boosted by Bitcoin Rally
The positive momentum seen in Bitcoin has carried over to the rest of the cryptocurrency market. BTC hit a new high of $106,000 and posted the best weekly performance since 2021. This price action has restored investor confidence and sparked money movement into altcoins, particularly Shiba Inu.
Other meme coins such as Dogecoin (DOGE), Pepe (PEPE) and WIF have also experienced some positive price action following the trend of SHIB.
Some experts predict this expanded meme coin movement will also bolster Shiba Inu’s upward trajectory. If the current trend is to continue, SHIB may have to position itself to beat its 2021 high of $0.00008845.
Nevertheless, SHIB price is still under threat of bearish pressure. It could fall back to its first support level at $0.000026 if it failed to move past $0.00003. If sellers take control once again, the price can fall back down to $0.000025 as it has in recent days. This crucial zone between $0.000025 and $0.00003 will be crucial in defining the further tendency of SHIB.
Outlook for SHIB Price ATH Retest
While the Shiba Inu price hovers close to important resistance, experts remain bullish about prospects for the currency. Analyst and market indicators show a rising level of engagement among investors especially during the ongoing Bitcoin bull run and capital shifts to other meme coins. The bullish trend of SHIB will only be sustainable if the market continues to be bullish and the trading volumes also rise.
To retest the 2021 all-time high of $0.00008845, the market conditions have to be conducive to SHIB. In the case of SHIB, Bitcoin’s price stability, as well as the increased attention towards meme coins will remain the key drivers. A break above $0.00003 could be a sign that the price is set to rise even more.
