Analysts observe that Shiba Inu is about to start its bullish run despite having a bullish market sentiment.
Another analyst has also predicted that Shiba Inu could hit three main price targets – $0.00001011, $0.00001193, and $0.00001309.
Shiba Inu (SHIB) responds to the ongoing rally with a 6% surge in just seven days to retest its $0.00001 resistance level. In the past 24 hours, Shiba Inu has surged by 1.2% with a market cap of $5,879,777,757.
Since June 2023, the asset has been trading within an ascending parallel channel, contributing to the $0.0000120 high recorded in December. After some time, the asset fell to $0.0000092, establishing support around the area before staging a bullish reversal.
Currently, Shiba Inu is said to have reached a confluence of horizontal and Fib resistance levels. Even though Shiba Inu has not broken out yet, its Relative Strength Index (RSI) is showing a bullish reading. This metric is used to assess whether an asset has been overbought o
