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Shiba Inu technical indicators show that SHIB still has the potential to record a more substantial rally after recovering from the bottom at $0.000023.
The current market resurgence has delivered enough strength for most altcoins across the market to engineer a recovery campaign from recent lows. Shiba Inu has not failed to leverage this bullish market momentum, recently recovering from the $0.000023 bottom price.
Shiba Inu Bottoms at $0.000023
SHIB dropped to this value on March 20 amid the broader market’s collapse. At the time, Bitcoin (BTC), the premier cryptocurrency, also slumped to $60,775. As Bitcoin recovers from this low, SHIB has leveraged the ongoing push to reclaim previous highs.
Shiba Inu skyrocketed from the $0.00002367 low on March 20 to a high of $0.00003262 today, marking a 37.8% increase over a one-week period. Despite a slight 1.55% drop yesterday, SHIB has held above the $0.000032 level, having surged 3.67% today.
Amid the ongoing recovery push, market participants anticipate a more substantial Shiba Inu growth. LitFXMogul, a crypto market analyst, believes this prospective growth is on the horizon. In a recent post, the analyst called the bottom.
SHIB Trades in Ascending Channel, Shows Room for More Rally
According to him, the $0.00002367 low on March 20 marked Shiba Inu’s bottom, suggesting that SHIB would only secure higher grounds from this position. Data from an accompanying chart indicates that Shiba Inu has been trading in an ascending channel on the 4-hour timeframe since the $0.00002367 low.
Shiba Inu has continued to record higher highs and higher lows since then, suggesting a sustained uptrend. Shiba Inu has made four attempts to break above the channel but has faced resistance at the upper trendline. The token has also shown resilience, hedging against any drops below the lower trendline.
SHIB has followed this channel to reclaim $0.000032, seeking to push toward the $0.000035 territory before a campaign to the much-coveted $0.00004 zone. If SHIB continues to trade within the ascending channel, a surge toward $0.00004 could be possible in the long run.
Moreover, Shiba Inu’s commodity channel index (CCI) on the daily timeframe shows that the crypto token has more potential to expand. Despite trading at $0.00003241, SHIB’s CCI currently stands at 53.10, showing that the token is far below the overbought zone.
Although LitFXMogul failed to make any definite price projection, the analyst spotlighted multiple resistance levels for SHIB that the token needs to breach amid the uptrend. The first level rests on the $0.00003487 price. Once SHIB breaks this point, it could surge to $0.000038.
Meanwhile, other industry commentators have predicted multiple ambitious targets for Shiba Inu. Citing the Elliott Wave theory, crypto analyst Michael expects SHIB to rise to $0.0001019.