Shiba Inu (SHIB) Price Could Witness a Rally Soon, Given the Flashing Signals of Its Technical Indicators

Within the last 24 hours, SHIB has plummeted from $0.00001332, crashing through several support levels before halting at $0.0000126

Shiba Inu (SHIB) price has been on a tear lately, and it could be set for even more gains, according to technical analysis.

If the market follows the signals from Bollinger Bands, then the bearish turbulence that SHIB has been facing may come to an end.

Shiba Inu finds support amid bearish pressure

Within the last 24 hours, SHIB has plummeted from $0.00001332, cutting through several support levels before being met at $0.0000126, where the price reversed, according to CoinMarketCap.

However, there is still hope for investors in the dog-themed meme coin as the Bollinger Bands on SHIB are showing interesting formations.

As the upper and lower Bollinger bands converge, it signifies a reduction in bearish pressure. From this point onwards, we can expect to see less volatility in the SHIB market.

For optimal clarity, note that SHIB’s price is currently within the middle, a level that usually indicates neutrality and could see a breakout or a further decline.

But for SHIB, this bodes well for a potential bullish move in the long term as a token may rally after testing the lower band.

Therefore, analysts are anticipating a breakout in the coming days as they await to see what the signs in the crypto market will bring.

Could Shiba Inu hit $0.00001520?

Some predictions have valued SHIB to reach $0.00001520 if the breakout occurs with strong bullish momentum.

However, this will depend on the buying momentum, such as more interest from investors and an increase in the deflationary mechanism.

Recently, the burn mechanism saw over 14 million SHIB being sent to dead wallets by the ecosystem. This is a way to help stabilize the price by decreasing the circulating supply.

Moreover, the Shiba Inu team has been preparing to launch Shib Finance, a decentralized finance platform that would provide various utilities like lending, borrowing, and saving services, which has sparked optimism among investors.

As the community eagerly awaits these developments, market participants are anticipating a recovery in the SHIB price and a rebound to higher levels from here.

At the time of writing, SHIB is trading at $0.00001272, registering a 4.44% decrease in the last 24 hours.