Shiba Inu price scaled heavily by more than 300% during the Q1 trade, elevating the levels from $0.00000925 to as high as $0.00004 in just a couple of days. With the change in market dynamics, the SHIB price failed to hold the gains and, as a result, lost nearly 70% of them. The bull remained passive for a long time and after a prolonged descending contraction, it appears they are probably gaining back their dominance.
The second-largest memecoin has lost its glory with the inception of new memecoins in the space. However, the recent rise is expected to attract many, as the breakout from the range could attract huge gains. The price has entered a pivotal range and hence a continued upswing could validate a rise above the bearish influence.
As seen in the above chart, the SHIB price has broken above the descending parallel channel that it held after facing rejection from yearly highs. Moreover, the latest rise squashed the possibility of forming another lower high, which could be validated once the price secures the immediate resistance at $0.0000165. Will the SHIB price rise above these levels? Let’s see what the technicals suggest.
- The SHIB price is testing the pivotal resistance at $0.0000165 and a daily close above these levels may validate a rise above the bearish influence
- The supertrend has just flipped to bullish, indicating the start of a fresh bullish spell, reviving the possibility of testing higher targets
- The 50-day MA is offering a strong base to initiate a strong rise towards the target at the 200-day MA of $0.00002.
- The RSI has raised to the upper threshold, showing no signs of a bearish reversal and a rise within the overbought zone could strengthen the bulls
- Besides, the MACD levels have surged into the positive range while the buying pressure remains below the average.
The technicals suggest the Shiba Inu price may have a consolidated close for the month but above the pivotal resistance. With the change in market dynamics, the SHIB price is expected to trigger a fine upswing beyond the yearly highs close to $0.00004.
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