Shiba Inu’s price rebounded sharply this week, jumping over 3% as the broader crypto market turned bullish again. After hitting recent lows near $0.0000088, SHIB now trades around $0.000009200 as it tries to reclaim the psychologically key $0.00001 level. The meme coin has followed an uneven recovery pattern so far in 2024.
Shiba Inu’s gains this year have proven choppy and erratic. After reaching a weekly and monthly low around $0.0000088, this week’s sudden upswing offers a glimmer of hope for investors seeking a trend reversal. SHIB appears poised to retest resistance at $0.00001, a level not reached since last spring.
The coin’s daily Relative Strength Index (RSI) indicator now stands at 48, up markedly from 43 earlier this week. This shift hints that traders have resumed accumulating SHIB on dips, contributing to its price bounces. Still, SHIB remains below its 50-day moving average, signaling lingering bearishness.
Can Shiba Inu hit $0.00001?
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