Shiba Inu (SHIBUSD) Anticipates a Bullish Resurgence

Price Analysis: SHIBUSD Highlights a Resurgence of Bullish Momentum

In early August 2024, SHIBUSD experienced a period of consolidation below the $0.00001530 price level. This accumulation phase set the stage for the first significant bullish breakout in late September. The breakout signaled growing market interest and marked the beginning of a broader upward trend.

Shiba Inu Key Levels

Demand Levels: $0.00002160, $0.00001530
Supply Levels: $0.00002890, $0.00003410

After the September rally, SHIBUSD entered another consolidation phase, forming a base near the $0.00002890 resistance level. This resistance was breached slightly before an immediate reversal occurred. However, in mid-November, the price decisively broke through this level, confirming a bullish structure and reigniting upward momentum.

As the price approached the $0.00003410 level, a bearish trend emerged, leading to a decline and a lower low. This pullback found support at a daily order block, establishing a failed low and signaling the resumption of the bullish trend.

The 4-hour timeframe depicted a trend reversal as the bearish trendline resistance was broken. Technical indicators on the daily chart further validated the bullish outlook. The price traded above the daily Moving Average, suggesting the onset of a new upward trend. Additionally, the Relative Strength Index (RSI) showed rising price strength, aligning with bullish expectations.

Market Expectation

Given the ongoing bullish momentum, SHIBUSD is expected to revisit and break the $0.00002890 resistance level convincingly. Furthermore, a successful breach of the $0.00003410 level could pave the way for higher price targets as market sentiment strengthens.

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