Shiba Inu (SHIB) is in the spotlight today as its metrics contrast and hint at a possible rally. At the time of writing, the dog-themed meme coin shows a slight surge with an increase of 0.67% to $0.00002373.
Shiba Inu (SHIB) is in the spotlight today as its metrics contrast and hint at a possible rally. At the time of writing, the dog-themed meme coin shows a slight surge with an increase of 0.67% to $0.00002373.
Bollinger Bands Hint at Shiba Inu Bullish Uptrend
This slight rally is neither Shiba Inu’s first detour nor the first attempt to form support at the price of $0.000023. Broader market forces have always worked to suppress the Shiba Inu’s maximum breakout potential; However, insights from the Bollinger Bands technical indicator show that a reset could be coming soon.
The SHIB/USDT one-day chart on TradingView shows that Shiba Inu has been trading from the oversold point since at least May 7. With the price trending around the lower Bollinger Bands to date, the possibility of a trend reversal is high.
The slight breakout as price moves towards the middle and neutral Bollinger Bands hints at promise, but could be short-lived. The Shiba Inu community, however, remains determined about long-term ultimate goals. With the large transactions detected in recent times, it is evident that the disturbing breakout is possible in the long term.
The neutral Shiba Inu Relative Strength Index (RSI) also visibly underlines the good possibility of SHIB bulls regaining control of the market.
All-Time High (ATH) Catalyst Momentum
Shiba Inu hit an all-time high of $0.00008845 in October 2021 on pure hype. Today, the digital currency has reached an immense evolution that has seen it go from a speculative meme currency to a protocol with increasing use cases.
Shibarium’s potential, its smart contract platform, and its overall market bullishness have what it takes to complement SHIB’s technical signals. In the near future, Shiba Inu could attempt to retest the ATH and potentially chart a new price milestone overall.
