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Shiba Inu secures another comeback, surpassing $0.000014 amid six consecutive green 4-hour sessions, as analysts expect a huge run.
The broader crypto market is on a rebound course, recovering some of the losses from earlier in the month. Amid this recovery push, Shiba Inu has recorded an impressive comeback, riding on the broader market uptrend to secure unique gains.
Shiba Inu Registers Comeback
in this latest news on Shiba Inu, Market analyst Crypto Sheriff confirmed that SHIB had made another impressive comeback as it spiked by a massive 9% on the weekly charts. This made the dog-themed crypto token one of the biggest gainers in the market recovery phase.
Crypto Sheriff’s chart confirms that Shiba Inu currently trades above the 99-week moving average (MA), which stands at $0.00001277. This suggests a long-term bullish trend despite the most recent struggles, indicating that SHIB’s recent price is higher than its average price over the past 99 weeks.
However, Shiba Inu still trades significantly below the 25-week MA ($0.00001911), which would act as a strong resistance level should the current upward momentum push toward July highs. Meanwhile, SHIB will continue to leverage the 99-week as a robust support point.
Interestingly, Crypto Sheriff believes the recent upsurge could be a precursor of a more substantial push. The market analyst believes this push “will be huge.” Notably, a breach of the $0.00001537 resistance could prepare the groundworks for this huge run.
Consecutive Green Candlesticks
Meanwhile, Shiba Inu community figure and trader SHIB Knight has also called attention to the bullish momentum. He stressed that the bulls have returned, sharing a 3-hour chart which visualized Shiba Inu’s run in a more streamlined timeframe.
$SHIB is so Back 🔥🚀🚀 pic.twitter.com/yWllJiJcWG
— $SHIB KNIGHT (@army_shiba) September 19, 2024
Remarkably, at the time of SHIB Knight’s disclosure, Shiba Inu had secured 9 consecutive 3-hour sessions of substantial gains. The last time SHIB secured this feat was in late February. Shortly after, the meme coin soared to clinch the $0.000045 yearly peak.
Notably, on the 4-hour chart, Shiba Inu made a similar run, recording six consecutive 4-hour candlesticks yesterday, as it surpassed the $0.000014 mark for the first time this week. SHIB faced a roadblock when it breached the upper Bollinger Band to reach a monthly high of $0.00001459.
This roadblock broke its winning streak on the 4-hour timeframe, as it witnessed a slight retracement. However, this morning, SHIB has recovered most of the losses from this retracement, now looking to retest the upper Bollinger Band (currently at $0.00001457).
Shiba Inu now trades for $0.00001445 at press time, up 3.44% over the past 24 hours. Its market cap has since spiked to $8.492 billion, knocking at the $8.5 billion mark. The MACD indicator on the 4-hour chart has flipped bullish, with a series of green bars indicating bullish control.