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Shiba Inu takes a sudden bullish turn as the meme coin market rally gains momentum. Will this lead to a sharp increase in SHIB prices?
After a slight recovery in meme coins, Shiba Inu has made a bullish comeback, bouncing back from the $0.000017 support level. With a lower price rejection and two consecutive bullish candles, Shiba Inu is showing signs of a potential reversal.
However, rising selling signals from technical indicators warn of a possible extended correction. Should you consider buying this meme coin before the 2025 bull run begins? Let’s take a closer look.
Shiba Inu Price Reversal: Will Buyers Take Control?
On the daily chart, Shiba Inu is amid a significant pullback. After failing to hold above the 78.6% Fibonacci retracement level at $0.00003149, the meme coin plummeted to nearly $0.000017.
Hence, the Shiba Inu price trend broke multiple support levels. Crashing under the 200 EMA line, the bearish influence over the dynamic supports has led to bearish crossovers.
The 50 and 100 EMA lines present a negative crossover, highlighting a selling signal. However, with a minor reversal from the 23.60% Fibonacci level, the MACD indicator is recording a minor surge in bullish momentum.
The MACD and signal lines are nearing a bullish crossover, while the negative histograms are losing strength. This indicates a divergence in the momentum indicators and the dynamic averages, suggesting some short-term uncertainty.
SHIB Price Targets
Based on Fibonacci levels, the uptrend must sustain dominance above the $0.000020 psychological mark for an extended rally. This is because the psychological mark coincides with the 200 EMA line and the 38.20% Fibonacci level.
Hence, a bullish resurgence above this psychological mark will likely establish a strong uptrend in Shiba Inu.
According to the Fibonacci levels, the meme coin could complete a rounding bottom reversal, potentially reaching the $0.000030 mark.
On the flip side, if the 23.60% Fibonacci level fails to hold the Shiba Inu price, the downfall is likely to prove fatal for SHIB. As per the Fibonacci level, the immediate support level is the $0.000010 psychological mark.
This pullback will also increase the chances of a death cross between the 50 EMA and 200 EMA lines. In such a case, the highly bearish technical signatures will prolong the pullback in Shiba Inu.
At press time, Shiba Inu is trading at $0.00001868, up 0.4% today.