In recent times, Shiba Inu has entered bearish territory following a downturn in the broader crypto market. Despite this trend, several positive indicators around its price movement suggest the meme coin may be gearing up for a recovery in the coming days. As interest in meme coins builds, both returning and new investors might drive Shiba Inu towards a possible resurgence.
Market expert Fiatleak recently shared insights on platform X, indicating that Shiba Inu is showing early signs of a potential upswing. According to the analyst, there are hints of a rebound as bullish momentum starts to emerge after a period of decline.
Renewed interest is being observed from both retail and institutional investors, providing a foundation for possible upward movement.
Despite facing challenging weeks, Shiba Inu's potential for resurgence remains, with its current price at $0.000017, marking a 3.89% decline in the last day. The downward trend may be waning, as a buy signal has been identified by the TD Sequential indicator. Fiatleak has emphasized several key resistance levels for investors to monitor amid this rebound phase.
The first major resistance is the 200 Simple Moving Average at $0.00001891. A breakthrough here could push Shiba Inu towards the 50 SMA level of $0.00002288, indicating a strong recovery from recent lows.
The demand from retail investors supports Shiba Inu amid market volatility, with the SHIBArmy community playing a significant role in influencing price performance. Fiatleak notes that positive contributions from the community could bolster the meme coin's upward trajectory. The recent uptick in trading volume also suggests a returning buyer interest, which may sustain SHIB’s current rally.
Earlier in the week, SHIB experienced notable price growth, reaching the $0.000019 mark and sparking a broader market rebound. Today, however, it has dipped to approximately $0.00000170, raising questions about its short-term prospects. Currently trading at $0.0000174, the coin has seen a decline of over 1% in the past day. Nevertheless, investor sentiment remains strong, reflected in a 15% increase in trading volume over the last 24 hours.