Shiba Inu (SHIB) has seen a notable rise in price as the broader crypto market rebounds.
The meme coin recently climbed above $0.000014 after six consecutive green 4-hour sessions. Amid this recovery, analysts predict a huge push in the token’s value.
Shiba Inu Gains Momentum
Shiba Inu has registered an impressive 9% weekly gain, becoming one of the biggest winners during the current market recovery.
According to Crypto Sheriff, a prominent market analyst, SHIB’s price now exceeds its 99-week moving average (MA) of $0.00001277. This signals a potential long-term bullish trend.
Here’s another comeback!📊 #SHIB will be huge! LFG!🔥 https://t.co/lzDnisiH54 pic.twitter.com/VMByfGaHcv
— CRYPTO SHERIFF (@Gem_Sheriff) September 19, 2024
In his X post, Crypto Sheriff highlighted that the 99-week MA will serve as a support level, helping SHIB maintain its upward movement. If it sustains this level and breaches the $0.00001537 price mark, the upward trend will likely continue, with the next potential region at around $0.000020.
Also, Sheriff believes the upcoming push “will be huge” as SHIB builds toward new highs. However, the coin trades below the 25-week MA of $0.00001911, which could be a significant resistance point.
Shiba Inu’s Consecutive Green Sessions
Shiba Inu’s recent price surge has captured the crypto community’s attention. SHIB Knight, a well-known trader and community member, pointed out that SHIB has seen nine consecutive 3-hour sessions of gains.
$SHIB is so Back 🔥🚀🚀 pic.twitter.com/yWllJiJcWG
— $SHIB KNIGHT (@army_shiba) September 19, 2024
The last time the token achieved this was in February before its price skyrocketed to its yearly peak of $0.000045. In addition to this, SHIB also posted six consecutive 4-hour green candlesticks, pushing its price past $0.000014 for the first time this week.
However, the token faced resistance when it hit the upper Bollinger Band, briefly halting its rise. A breach above this resistance level will boost the bullish sentiment.
Shiba Inu’s Current Position and Market Outlook
Shiba Inu is currently trading at $0.00001414, with a 24-hour trading volume of more than $230.89 million. CoinMarketCap data shows the meme coin has been stable in the past 24 hours, up 1%. Also, the token’s market cap has surged to $8.33 billion, nearing the $8.5 billion mark.
Analysts are closely monitoring SHIB’s movements, especially as the MACD indicator on the 4-hour chart has flipped bullish. A series of green bars show the bulls currently control SHIB’s price action.
In addition, the SuperTrend is showing a “buy” signal, suggesting that the market is in a favorable position for upward movement. The RSI is at 64, indicating that the coin is approaching overbought territory. This means the meme coin is likely to continue moving upward.
These technical indicators suggest a strong bullish sentiment that could increase SHIB’s price. However, caution may be needed as the RSI gets closer to 70, where a reversal or pullback might occur. Whether SHIB will push further remains to be determined.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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