- Shiba Inu price has reversed the downtrend, givinig signals that it is set to move higher.
- A pullback to the $0.00000709 and $0.00000705 support levels is a good buying opportunity for sidelined investors.
- A 22% rally that retests the $0.00000904 hurdle is likely to follow SHIB’s retest of a key support level.
Shiba Inu (SHIB) price has breached its two-month downtrend, signaling a potential rally. This development comes after SHIB’s competitor meme coins like PEPE or FLOKI’s recorded a 41% and 15% rally in the last two days. The Dogecoin-killer, also known as SHIB, is late to the bull rally, but it is signaling a potential pullback before a trend reversal.
SHIB vs. FLOKI vs. PEPE performance chart
Also read: Shiba Inu Price Prediction: SHIB can rally 7% if bulls can overcome critical resistance level
Shiba Inu price set to rally, following other meme coins
Shiba Inu (SHIB) price has created five lower highs and four lower lows in the last two months. But the recent uptick in buying pressure has pushed SHIB to breach the trend line connecting the lower highs. This move signals a potential shift in market structure, favoring bulls.
Going forward, investors can expect the altcoin to pull back to $0.00000709 and $0.00000705 support levels, which will also allow the Relative Strength Index (RSI) to retest the 50 mean level. Such a pullback would be a good opportunity for sidelined buyers to accumulate SHIB before an uptrend kick-starts.
Additionally, the RSI will get a chance to bounce off the 50 mean level, allowing the bullish momentum a foothold to bounce from. The resulting uptrend is likely to retest the first hurdle at $0.00000840. Beyond the aforementioned resistance level lies the bearish breaker, extending from $0.00000871 to $0.0000102, from which Shiba Inu price is likely to face selling pressure on the retest of this structure’s lower limit.
A retest of the $0.00000871 level would constitute a 22% gain.
SHIB/USDT 4-hour chart
The uptrend for Shiba Inu (SHIB) price is contingent that it bounces off the $0.00000709 and $0.00000705 support levels while the RSI does the same with the 50 mean level. If this structure succumbs to profit-taking and spike in selling pressure and breaks down with a daily candlestick close below it, it would invalidate the bullish thesis.
In such a case, Shiba Inu price could drop nearly 7% and revisit the October 19 swing low at $0.00000661.
Read more: Pepe Memecoin burns $5.5M tokens prompting 31% rise
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