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Shiba Inu (SHIB), the famous memecoin, is witnessing a potential bullish resurgence as the broader cryptocurrency market regains momentum. According to the latest statistics, SHIB is trading at $0.00002801, up 3.35% over the past 24 hours and with a market cap of over $16.6 billion. Its 24-hour trading volume also stands at an impressive reading of $519.7 million.
SHIB Data Chart: CoinMarketCap
The circulating supply of SHIB currently stands at a staggering 589,289,410,812,691 tokens, while its total supply is slightly higher at 589,534,086,491,242 tokens.
On the weekly chart, SHIB has displayed a mixed performance since hitting a high of $0.00004575 on March 4th. While the majority of weekly candlesticks have closed bearish, the price has faced rejection and closed well above the support zone at the $0.00002500 zone.
This week, the weekly candlestick is trading below the previous week's close and has traded below to test tthe support level, facing rejection. However, the Relative Strength Index (RSI) reading of 72.55 suggests an overbought condition, which may act as a barrier to further upward movement in the near term.
Despite the overbought RSI, bullish sentiment cannot be ruled out due to the presence of a bullish pennant pattern and a rounding bottom reversal pattern on the weekly chart, both of which are associated and favor the bulls.
SHIB has shown bullish momentum since hitting the $0.00002500 support zone, with the daily candlestick closing bullish yesterday April 6th, 2024. The current daily candlestick also exhibits signs of bullish sentiment as of writing.
SHIBUSD Daily Chart: TradingView
The price has been trading within a ranging channel, testing the support at $0.00002500 on March 20th before rallying to test the resistance at around $0.00003150. Since April 3rd, SHIB has tested the support of the ranging channel and the base of a bullish pennant pattern, indicating potential bullish market sentiment. This confluence, coupled with the daily RSI reading of 51.82, suggests room for further gains and continued bullish momentum in the near term as we await to see if today's candlestick will close outside the bullish pennant.
Yesterday, April 6th, SHIB tested the bullish pennant resistance and today we await to see it the price will break out of the pennant resistance. If the bulls can maintain their momentum at this crucial level, prices may rally to test several resistance zones above.
The first resistance zone is the confluence of the ranging channel resistance and the rounding bottom neckline at around $0.00003120. The second resistance level is a retest of the ascending trendline that SHIB broke on April 1st, 2024, marked in black. The third potential resistance is a dotted descending trendline.
SHIBUSD 4-Hour Chart: TradingView
If a rejection occurs at the $0.00003120 resistance level, the range is likely to continue until a breakout or breakdown occurs, with a breakout being more probable due to the bullish pennant and rounding bottom confluence. However, if SHIB breaks through the strong resistance at $0.00003120, it could rally to test another resistance zone around $0.00003750.
Recent tweets from SHIB enthusiasts suggest a bull market is around the corner, with the potential for SHIB to reach new all-time highs.
As the crypto market continues to recover, Shiba Inu's performance is one on watch, with the memecoin's technicals and community-driven dynamics adding an exciting twist to the ongoing market dynamics.
