Shiba Inu Price Rebounds from Key Support: What Comes Next?
The cryptocurrency market remains a dynamic space, and Shiba Inu (SHIB) has recently grabbed the spotlight once again. After hitting a significant support level at $0.0000089, SHIB is showing signs of a potential rebound. This multi-year support has historically triggered strong rallies, attracting the attention of traders and investors alike.
The Recent Bounce Explained
This week, SHIB’s price saw a short-term accumulation phase, with trading volumes surging by 11.5% as it touched $0.0000089. This price floor is a critical level that has been tested during major market downturns in early 2024 and as far back as 2022. Each time this level was retested, the token displayed an impressive rebound, delivering up to 300% gains in previous cycles.
Currently, SHIB is trading at $0.000008961 after clocking a 24-hour high of $0.000009219. However, for a confirmed bullish reversal, SHIB needs to break above the $0.0000093 resistance. Achieving this would pave the way for a quick relief rally toward the $0.00001027 resistance level. On the other hand, failing to hold the $0.0000089 support could drive SHIB prices further down to $0.00000745, a level consistent with its 2023 lows.
Technical Indicators Show Mixed Signals
From a technical perspective, SHIB appears to be in short-term oversold territory, with the Relative Strength Index (RSI) at 38.28. Despite the bounce, SHIB remains under pressure as it trades below key moving averages, including the 50-day average near $0.00001027. For now, market participants are closely monitoring whether SHIB can maintain momentum or if further volatility lies ahead.
What’s Next for SHIB Traders?
If you’re a trader or investor, SHIB poses an interesting question: Is this a buying opportunity or a sell signal? A sustained close above $0.0000093 could trigger renewed confidence, encouraging traders to capitalize on a potential upward move. Conversely, losing $0.0000089 support may lead to further selling pressure, pushing prices down to the next significant support at $0.00000745.
To stay ahead of the market and make informed investment decisions, consider using Ledger hardware wallets to securely store your crypto assets. Ledger wallets, such as the Ledger Nano X, offer industry-leading security features and ease of use, helping you manage SHIB and other cryptocurrencies with peace of mind.
Stay Updated With Cryptocurrency News
Cryptocurrency markets are highly volatile, and accurate, timely updates are crucial for maintaining an edge. Platforms like CoinPedia and other dedicated cryptocurrency news sites provide valuable insights, making it essential to follow credible sources. Remember, conducting due diligence and consulting professional advice before making investment decisions is key to successful trading.
