After successfully recovering from a critical local support level, Shiba Inu may be poised for a significant price reversal. The meme coin, which has been steadily declining over the past few months, has displayed some bullish momentum with a daily gain of +3% and is currently trading at about $0.00001276.
Upon closer examination of the daily chart, it can be seen that SHIB successfully held a crucial support zone at $0.00001230, which has historically served as a reversal point. In light of the improving Relative Strength Index (RSI), which has increased to about 47.8 and is trending upward — a possible indication of increasing bullish momentum — the recent rebound from this area may signal the start of a short- to medium-term recovery.
SHIB/USDT Chart by TradingView
With its price below its 50 EMA, 100 EMA and 200 EMAs, SHIB is still technically under pressure. Price action today, however, indicates that bulls are taking back some of their control, and a sustained move above $0.00001382 — the 26 EMA — may open the door to more upside. SHIB may set its next goals around $0.00001617, and eventually the psychologically significant $0.00001800 level — if it is able to overcome this short-term resistance.
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There has been a minor increase in buying interest according to volume data, but it is still below previous breakouts. To confirm that this bounce is more than just a short-term respite, a robust follow-up, with increased volume in the upcoming sessions, is essential. Even though the macro trend is currently downward, the current configuration suggests that a local reversal is possible.
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SHIB may use this rebound as the starting point for a new bullish phase, which could signal the start of a longer-lasting rally if overall market conditions stay unchanged or get better. SHIB bulls should keep an eye on the asset's response around the 26 EMA resistance. The market may be waiting for a breakout above it.
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