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Shiba Inu is showing positive price action as the broader crypto market sets the pace, bringing growing conviction among analysts that the uptrend could extend.
Specifically, analyst Crypto Tony termed the recent development on the Shiba Inu daily chart “interesting,” following a series of green candlesticks. This marks a complete turnaround from the earlier persistent downward momentum, which saw the prominent meme coin drop to multi-year lows of $0.00000507 in February.
Key Points
- Shiba Inu is showing positive price action as the broader crypto market sets the pace, bringing growing conviction among analysts that the uptrend could extend.
- Analysis suggests that Shiba Inu is “beginning to look interesting,” amid sustained daily price progression.
- The $0.00000590 level is a key level to watch for $SHIB, and holding the support paves the way for higher prices.
- What has hampered earlier moves for $SHIB is its inability to break above prior lower-high formations and former support levels, and a reversion would lead to a break of the market structure.
Shiba Inu Shows Strength
At the time of writing, $SHIB has broken higher, rallying nearly 4% during the Asian trading session on Monday. If this momentum sustains and it closes positively today, it will mark its seventh daily green candle in the past eight days, a clear sign of an upward trajectory.
During this period, the token has surged 16% from $0.000005529 to its current price of $0.00000619. Also, the impressive rebound has ensured that $SHIB turned green on the monthly timeframe, reversing earlier drops in the beginning of March and increasing by 7%.
Market analyst Crypto Tony sees this move as an optimistic sign for holders. In a tweet, he noted that Shiba Inu is “beginning to look interesting,” highlighting the next possible price move for the token and a key price level to watch.
Holding This Level a “Good Start”
Notably, $SHIB has seen periods of price rebounds in recent times, but each has turned into lower-high formations before the next wave of steeper decline. A good example is the early January uptick, where the token rallied over 30% in days to reclaim the psychological $0.000010 price mark, but dumped as hard days later, marking new lows.
A rebound from $0.00000507 on February 6 to $0.00000725 eight days later also served as a relief pump before revisiting support levels. As such, Crypto Tony identified $0.00000590 as a key point that $SHIB needs to clear and hold for a “good start.”
Interestingly, Shiba Inu has held nicely above this level. After a push for higher price levels on March 13 stopped at a high of $0.00000630, the asset corrected slightly to $0.00000578 on Sunday. However, bulls have pushed the token above this area again, signaling a healthier uptrend than the earlier moves, in which it pumped rapidly and dumped with equal force.
Why $0.00000590 Is Important for Shiba Inu
The accompanying chart shows that the $0.00000590 price closely aligns with a key support level, where $SHIB briefly found support on February 11 after an intense period of price volatility days earlier. It marked a low that the meme coin eventually broke below to $0.00000523 on March 8.
Notably, what has hampered earlier moves for $SHIB is its inability to break above prior lower-high formations and former support levels. As such, Crypto Tony says reclaiming the support at $0.000005590 represents a promising step for higher price moves in the coming days.
Meanwhile, the real test stands at $0.00000725. A successful sweep past this resistance would see Shiba Inu break above previous lower highs, confirming a break of bearish structure and a possible start of a sustained uptrend.
For this to happen, trading volume and demand would have to grow. Also, the broader cryptocurrency market would need to remain bullish to allow speculative assets like $SHIB to thrive.