Shiba Inu Set for a 143% Surge? Technical Signals Suggest Rally to $0.00003036
An analytical insight has highlighted several indicators that suggest Shiba Inu could rebound extensively from recent lows to December highs.Shiba Inu, the second-largest meme coin by market cap, has shown bullish momentum as the crypto market finally puts the tariff madness behind it. The token rebounded from yesterdays low of $0.00001182 to post a mild 1.47% gain, continuing with the momentum today.Shiba Inu followed a similar path last week, rallying over 20% to a high of $0.00001567 before relinquishing all its gains. An analysis highlighted that this was a fake-out, and market participants are now observing the recent trends to confirm it is not another false momentum.Nonetheless, a TradingView analysis from pseudonymous analyst Bicoinmoney has suggested that this trend may be sustainable. The Thursday commentary cited several bullish indicators that could spur a revisit of Decembers price highs.Technical Indications of an Imminent RallyFirst, the pseudonymous market watcher noted that Shiba Inu is trending within a descending wedge in the 3-day timeframe, which has diffused any substantial rally since Decembers high of $0.00003343. Meanwhile, the meme coin trades close to the channels tip and not far off from a crucial support between $0.00001150 and $0.00001200.Then, Bicoinmoney highlighted several technical indicators aligning in SHIBs favor. For context, he noted that Shiba Inus relative strength index stands at 34.17, close to the oversold territory at 30 and below. Also, the RSI and the tokens price form a bullish divergence, a precursor for a rebound.Furthermore, the Moving Average Convergence Divergence (MACD) indicator is flashing a buy signal. An accompanying chart shows that the MACD line is close to crossing the signal line, which is another bullish confirmation.
Text source: The Crypto Basic
