The Shiba Inu price is showing signs of a potential bounce back as investors aim to take control of the popular meme token’s price action. Analysts have identified bullish trends in SHIB’s price charts, with indicators suggesting that a bullish divergence is forming, indicating a weakening bearish trend. This signals that bulls may be gearing up to regain control of the token’s price movement, with potential targets set at key resistance levels, including the crucial $0.00002 mark.
Trader CAPT.PARABOLIC TOBLERONE has conducted a detailed Elliott Wave analysis on SHIB’s price chart, pointing to a possible completion of a corrective phase and the potential for a fifth wave movement targeting higher price levels. The chart also highlights strong technical signs, such as support and resistance levels, and a clear channel structure. The current wave structure correction may be paving the way for a potential uptrend, with initial indications of a reversal in the downtrend observed since November 2021.
Resistance levels to watch for SHIB bulls include $0.00001190, $0.0000140, $0.0000170, and the crucial $0.00002 mark. The $0.0000140 level has historically served as a strong resistance level, while the $0.0000170 zone has acted as both support and resistance in previous price action. Breaking through these resistance levels is essential for creating a strong upward trend towards the $0.00002 mark, which holds psychological significance and aligns with long-term technical structures visible on the chart.
The recent analysis also points to a golden cross formation, indicating a potential breakout above the $0.00002 level. This bullish indicator suggests that the price may soon surpass the key resistance level and continue its upward trajectory. Overall, SHIB’s price chart is demonstrating positive wave formations and bullish divergence patterns that could pave the way for a significant price increase in the near future. Investors and traders will be closely monitoring these key resistance levels and technical indicators for further insights into SHIB’s price movement.
