Shiba Inu (SHIB) in Rebound Mode, Key Price Levels to Watch
2024-12-11
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Shiba Inu SHIBUSD is in rebound mode after two days of grueling price drawdown fueled by whale buyers. Thus far this week, the meme coin has dropped as low as $0.00002434, retaining an 11.72% over the trailing seven-day period. Following this bearish performance, the token's price is now in rebound mode, inking 0.99% growth in 24 hours to $0.0000272.
How high will Shiba Inu grow?
As an established meme coin, Shiba Inu has the market liquidity to fuel the growing demand that the current rebound hints at. Per current market data, SHIB now boasts a trading volume of $2.28 billion. Though this metric is down daily, it signifies a robust shuffling among SHIB whales and retail traders.
With the obvious price rebirth, the digital currency will look first to reclaim the $0.00003 price level to extend its weekly high above $0.000033. Shiba Inu has the right setup, including the Relative Strength Index (RSI) score of 42.56, setting the pace for growth.BINANCE:SHIBUSDT Chart" data-caption="SHIBUSDT 4H Chart. Source: TradingView Via CoinMarketCap">
As showcased on the SHIBUSDT 4H Chart, the Moving Average Convergence Divergence (MACD) also showcases potential for rapid growth. The MACD line is inching to cross above the signal line. Should this crossover be registered on-chain, it could send the price of SHIB well toward the $0.00004 price mark.
If the token fails to make these moves, it risks retesting a low of $0.0000244 under the worst bearish setup in the short term.
Backing SHIB fundamentals
Thus far this week, SHIB has traded in the shadows as investors profit from over-leveraged bets. Though the project suffered intense Fear, Uncertainty and Doubt (FUD) from some critics in the broader ecosystem, its lead developers were able to help restore confidence across the board.
To do this, there has been a focus on expected product development and future milestones. In addition, key metrics like the Shibarium transaction boom and Shiba Inu burn rate have continued to keep the community optimistic about an imminent price recovery.