Shiba Inu (SHIB) Price Resurgence: Key Support Holds, Bullish Momentum Grows

• Analysts observe that Shiba Inu is about to start its bullish run despite having a bullish market sentiment. 

• Another analyst has also predicted that Shiba Inu could hit three main price targets – $0.00001011, $0.00001193, and $0.00001309. 

Shiba Inu (SHIB) responds to the ongoing rally with a 6% surge in just seven days to retest its $0.00001 resistance level. In the past 24 hours, Shiba Inu has surged by 1.2% with a market cap of $5,879,777,757.

Since June 2023, the asset has been trading within an ascending parallel channel, contributing to the $0.0000120 high recorded in December. After some time, the asset fell to $0.0000092, establishing support around the area before staging a bullish reversal. 

Currently, Shiba Inu is said to have reached a confluence of horizontal and Fib resistance levels. Even though Shiba Inu has not broken out yet, its Relative Strength Index (RSI) is showing a bullish reading. This metric is used to assess whether an asset has been overbought or oversold.

A quick price analysis of the daily time frame by analysts shows that Shiba Inu broke out from a descending resistance trend on February 9. The current price level is said to have been created by the 0.5 Fib retracement resistance level. When the asset breaks out from the confluence of resistance levels, it could cause a 30% surge to trade at $0.0000125.

According to the analysts, a breakdown of the $0.00000920 would also invalidate the bullish prediction. In that case, the asset could undergo a 20% fall to the ascending support trendline at $0.00000800. 

More on the Shiba Inu Price Analysis

Analysts identified as Crypto Rand also observed that it surged by 57% from the November 21, 2023, low of $0.00000761 to the December 17, 2023, high of $0.00001195. When the asset was trading at $0.000009 on January 31, the analyst advised investors to keep an eye on Shiba Inu.

From the current price behavior, analyst SHIB KNIGHT believes that $0.00000953 is the support level to watch. According to him, the market is looking good as it prepares for a bull run. In his analysis, four price targets were highlighted with the first one fixed at $0.00001011.

From this level, the price could move to $0.00001193, and $0.00001309. The final price target is expected to be $0.00001492 according to the analyst. He also mentioned three support levels that should be watched out for namely: $0.00000953, $0.00000896, and $0.00000880.

SHIB 1WEEK Chart. Shiba Inu breaks the downtrend on the weekly chart & it’s at 953 support now. The market is good, the next leg is loading. Targets: 1011, 1193, 1309, 1492. Supports: 953, 896, 880.

Compared to the largest meme coin in the market, Dogecoin, Shiba Inu is generally doing well. Dogecoin was trading at $0.08698 as of press time. With a bullish market sentiment, the asset has surged by 1.05% in the last 24 hours, however, its three-month return is just 2.4%. In the last seven days, the asset has recorded a price gain of 6%. PEPE was also trading at $0.000001 after falling by 1.6% in the last 24 hours.