Shiba Inu (SHIB) Gains +5% with Bullish Momentum: Technical Analysis and Market Indicators

Shiba Inu (SHIB), the popular cryptocurrency, has been captivating the market with its remarkable performance lately, surging by an astounding over 200 % over the past month. Today, March 26th, 2024, SHIB is currently priced at $0.00002948 as of writing. SHIB has demonstrated substantial resilience, marked by a 5.61% increase in the last 24 hours alone. With a market cap of over $17.3 billion, SHIB has firmly secured its position as the 12th largest cryptocurrency by market capitalization.

SHIB Data Chart (CoinMarketCap)

The trading volume for SHIB has impressively surged significantly, standing at $1.5 billion in the past 24 hours, representing a staggering 98.26% increase. Such heightened trading activity underscores the growing interest and enthusiasm surrounding SHIB within the cryptocurrency community.

SHIB Technical Outlook

The technical analysis reveals a bullish trajectory for SHIB, with its recent momentum originating from a strong support level at 0.00002500, which was last recorded on March 16th. As bulls continue to dominate the market, the potential for encountering confluence resistance at the 0.00003750 zone looms ahead. However, the likelihood of bearish pressure overriding the bullish sentiment remains minimal, with the support level at the 0.00002500 zone serving as a robust barrier against further downward movement.

SHIBUSD Daily Chart (TradingView)

On the 4-hour chart, SHIB's bullish trend is evident since it hit the support level at around the 0.00002500 zone and later broke out of the descending trendline from its recent high of 0.00004575. Currently, SHIB approaches the confluence of resistance zones and an ascending triangle around the 0.00003750 zone where we are likely to witness a rejection behavior in respect to the confluence before bulls gain momentum further for a potential breakout. If this double resistance is broken in the near future, the yearly high of 0.00004575 is likely to be retested. 

In the event of a retracement, a retest and breakout of the immediate support level at the 0.00002500 zone may precede any further upward momentum in the near future before it retests the descending trendline it broke out on 20th March 2024.

SHIBUSD 4-Hour Chart: (TradingView)

Turning our attention to key indicators, the daily Relative Strength Index (RSI) stands at 58.55, signaling a favorable balance between buying and selling pressure. Meanwhile, the Moving Average Convergence Divergence (MACD) residing in positive territory indicates the strength of SHIB's upward momentum. Also, the Stochastic oscillator which is a momentum indicator currently reads at 55.04 as of writing, suggesting a stable market environment with moderate fluctuations.

Investors Guide

Shiba Inu (SHIB) continues to captivate investors and traders alike with its impressive bullish run and resilient performance in the cryptocurrency market. With potent and strong support levels in place and bullish momentum intact, SHIB remains poised for further upward movement in the future, potentially encountering resistance at the 0.00003750 zone. As indicated by key technical indicators, the current market environment favors SHIB's upward trajectory, further reinforcing confidence in its bullish outlook.