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Shiba Inu (SHIB) could witness a rally soon, given the flashing signals of its technical indicators. If the market aligns with the signals from the Bollinger Bands, the bearish turbulence that the meme coin has faced may abate.
SHIB finds support amid bearish pressure
As per CoinMarketCap data, within the last 24 hours, SHIB has plummeted from $0.00001332, crashing through several support levels before halting at $0.0000126, where the price reversed.
Analysts say the SHIB Bollinger Bands hold out hope for investors in the dog-themed meme coin.
Notably, the upper and lower Bollinger bands tighten, reducing bearish pressure. From now on, the SHIB market could witness less volatility.
For clarity, SHIB's price currently lies in the middle, a level that ordinarily shows neutrality and could either break out or slump.
However, for SHIB, this is teasing a potential bullish ride in the long term, as a token after retesting the lower band may rebound. Hence, analysts see a breakout ahead as they look forward to time unraveling the signs in the crypto market.
Could Shiba Inu hit $0.00001520?
Some predictions see SHIB soar to $0.00001520 if a breakout occurs, riding on strong bullish momentum. However, it would depend on buying momentum, such as renewed investor interest and an uptick in the deflationary mechanism.
In recent community support, the burn mechanism saw over 14 million SHIB sent to dead wallets. This is the ecosystem’s way of stabilizing prices via reduced circulating supply.
Meanwhile, the Shiba Inu team has sparked optimism among investors as they prepare to launch Shib Finance, a DeFi platform that would create multiple utilities such as lending, borrowing and saving services.
While the community awaits these developments, market participants anticipate a price recovery and rebound to higher levels.
As of this writing, SHIB is changing hands at $0.00001272, representing a 4.44% decline in the last 24 hours.