Following its disappointing market dip last week, the price of Shiba Inu (SHIB) seems to be in recovery at the moment. In fact, some analysts are backing the meme-inspired token to embark on an impressive bullish run anytime from now.
Over the past 24 hours, Shiba Inu seems to be on a reversal after losing nearly 10% of its value during the week. Today, SHIB is up by 2%, and it appears to be building momentum for a price rally.
Shiba Inu Holds Above Critical Support
Shiba Inu has been on a downward trend in the past few days, despite the buying frenzy by the SHIB whales. It is, however, worth noting that this whale accumulation trend has somewhat slowed down in the last 24 hours.
Bitcoin, the largest cryptocurrency by market cap, experienced a significant price drop in the previous week, which affected the entire crypto market. It is understood that the latest bearish trend of the blue-chip crypto impacted the value of several altcoins, including SHIB.
The Shiba Inu price decline started on Wednesday, 19th April, with the coin losing more than 5% of its value in one day. The meme token would fall by a further 7.47% in the next few days.
However, SHIB has displayed remarkable strength and stability by not sliding beneath the $0.00001 price level, which was last breached on March 10. Since rising back above this level on the same day, the Shiba Inu market has been in consolidation, with its price ranging between a low of $0.0000101 to a high of $0.0000117.
Time For A Rally?
As of this writing, a SHIB token is valued at $0.00001046, according to data from CoinGecko. This reflects a nearly 3% increase since the coin found support at the critical $0.0000101 level.
Shiba Inu trading at $0.00001041 | Source: SHIB/USD chart from TradingView
Shiba Inu’s ability to hold above this significant support level is a strong indicator of bullish momentum. After all, this threshold has proven to be a vital point a couple of times already. A sustained hold above this level would likely lead to a major price upswing.
Additionally, going by past price action, Shiba Inu looks set for another retest of the range high at $0.0000117. If there is prolonged buying pressure, we could see SHIB break this level to the $0.0000126 point. This move would represent a 20.4% increase from the current price.
While this projection looks very much plausible, it may not go as planned if the SHIB price does not gather enough bullish momentum from this current run.