Shiba Inu has once again captured the market’s attention, posting a nearly 6% price escalate, signaling renewed bullish momentum for the popular meme coin. After a period of consolidation, this jump has raised speculation that the bulls could return to push the price higher. Could this price escalate signal the start of a major rally, or is this just a transient blip? All eyes are on the next move.

This analysis aims to examine the recent 6% price rebound in Shiba Inu and assess whether this upward move signals the beginning of a larger rally. By examining key technical indicators and market trends, we determine whether the current momentum can sustain further gains and levels to watch for potential breakouts or pullbacks.

Indicators and Trends: Are Bulls Gaining Strength?

SHIB price recently turned bullish on the 4-hour chart, bouncing off the $0.00001272 support level. The cryptocurrency is trading above the 100-day uncomplicated moving average (SMA) and is showing mighty momentum, with the current focus on a move towards the $0.00002045 level.

Analysis of the 4-hour Relative Strength Index (RSI) reveals that bulls are firmly entrenched in the market. The RSI signal line has crossed the 50% threshold to around 69%, reflecting increasing positive movement in the cryptocurrency. This rising trend suggests that buying interest is intensifying and the momentum could continue to grow, potentially leading to further price gains.

Meanwhile, on the daily chart, Shiba Inu continues to show bullish momentum, marked by a bullish candlestick pattern. This indicates a favorable change in price action as the cryptocurrency is heading towards the 100-day SMA and the $0.00002045 level, with bullish candlestick patterns suggesting increasing upward strength. Furthermore, if this momentum continues, SHIB could see further gains as it approaches this key resistance level.

Finally, on the 1-day chart, a careful analysis of the 1-day RSI pattern reveals that SHIB may maintain its bullish trend as the indicator’s signal line has risen above 50% and is currently trying to move towards the 60% threshold.

What the next moves might look like for the Shiba Inu

As the Shiba Inu continues its upward trajectory, several scenarios could unfold. If the cryptocurrency maintains its bullish momentum and breaks through the $0.00002045 resistance level, it could signal the start of a significant rally, potentially pushing towards the next resistance level at $0.00002631.

Conversely, if SHIB encounters mighty resistance or a pullback, the price could consolidate or move to test the $0.00001272 support level. When the price breaks through this range on ponderous volume, it could indicate a continuation of the downtrend and possibly target the $0.00000847 support level.

SHIB traded at around $0.00001415, up 6.97% in the last 24 hours. The cryptocurrency’s market capitalization reached around $8.3 billion, and trading volume exceeded $230 million, up 6.73% and 72%, respectively.