SHIB, the token powering the second-largest meme coin, Shiba Inu flew 15% to trade at $0.00001120 at the time of writing. Shiba Inu price retested critical descending trendline support earlier in March—and rebounded, implying the trend was ready to change course northwards.Before the correction to $0.00001, which coincided with the above-mentioned trendline, SHIB had broken out in January, lifting 96% to a new yearly high of $0.00001576 by early February.Despite the double-digit move in the last 24 hours, Shiba Inu must tick a few boxes before investors can fully confirm a new bull market.
For now, let us dive into the analysis to figure out what factors are in play to either validate or invalidate the uptrend.The second-most popular meme coin, boasting $6.6 billion in market capitalization, is trading at $0.00001120.
In the last 24 hours, Shiba Inu has seen its trading volume jump by 30% to $321 million, hinting at increased accumulation among investors who anticipate a much bigger move in the price over the coming few days.However, the 100-day Exponential Moving Average (EMA) (line in blue) currently caps price movement under $0.00001126.
A break above this key moving average remains critical for SHIB to uphold the breakout from the falling trendline.Despite the immediate resistance, key momentum indicators like the Moving Average Convergence Divergence (MACD) reveal a determined bullish front.Read more on cryptonews.com