- Shiba Inu’s bullish reversal could lead to a 30% price surge.
- SHIB shows signs of recovery, avoiding major sell-off pressures.
- Technical indicators suggest SHIB may rebound with strong buying interest.
Shiba Inu (SHIB) may be on the verge of a major price recovery as recent market movements suggest a potential 30% bounce. After weeks of steady decline, SHIB is showing signs of a bullish reversal, offering a glimmer of hope to investors.
Despite the ongoing fragility in the broader cryptocurrency market, particularly following Bitcoin’s significant price drop, SHIB has managed to avoid the worst sell-off phases, positioning itself for a potential rally.
According to recent technical analysis, SHIB has formed a classic bullish reversal candlestick pattern on its daily chart. The pattern features a long downside wick, signaling that buyers are stepping in strongly near local lows.
The most recent candle shows a clear rejection of lower prices, a signal that sellers are losing control. Such a pattern typically indicates the possibility of a short-term price reversal or relief rally, as demand begins to absorb the selling pressure.
In addition to this reversal pattern, SHIB’s price action follows a breakdown from a narrowing wedge formation. When the price broke below the wedge, buying interest quickly overtook selling pressure, providing an opportunity for a rebound. False breakdowns like these often serve as catalysts for price surges, with late sellers being trapped as buyers enter the market at discounted levels.
Also Read: Metaplanet CEO Doubles Down on Bitcoin Despite 50% Crash – Here’s What’s Next!
Source: Tradingview
SHIB’s Resilience in a Bearish Market
One key factor fueling optimism for SHIB is its relative strength compared to Bitcoin, as Bitcoin experienced a significant decline below critical support zones, triggering panic across the crypto market, while SHIB has shown resilience. The token has maintained a consistent structure, even amid the broader market turbulence. This stability suggests that SHIB may have already absorbed the worst of the downside pressure, leaving the door open for a potential recovery.
The next hurdle for SHIB is overcoming key resistance levels, such as short-term moving averages that are limiting its price recovery. If SHIB manages to break through these technical barriers, a 20-30% recovery could be within reach, depending on the overall market conditions.
Investors are closely monitoring SHIB’s progress as it attempts to reclaim lost ground. If the token can break above key resistance points, the recovery could accelerate, leading to a possible 30% price surge. However, market volatility remains a concern, and the next few days will be crucial in determining whether SHIB can turn its recent price action into a lasting rebound or face more selling pressure.
Also Read: Bitcoin Rebound Signals End of Selling Pressure – Is the Bull Run Returning?
