After more than a week of comprehensive range-bound trading, memecoin appears to have regained momentum as top coins have seen significant gains in their respective values.
The Shiba Inu price was trading in a closed range between $0.00000800 and $0.00000860. Later on, the price experienced a minor correction, but the bulls kept the price firm, resulting in a rebound.
Memecoin continued to trade in a closed range for nearly two weeks before gaining momentum and successfully breaking out of the range. Its portfolio price increased by more than 24% before facing rejection at $0.00001074.
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Afterwards, the price briefly traded in a comprehensive range between $0.00000926 and $0.00001074.
Recently, the bulls gained momentum and broke the $0.00001074 resistance level but the gain was short-lived as the price got rejected at $0.00001197 following which the bulls lost momentum.
The Moving Average Convergence Divergence (MACD) histogram is rising significantly, indicating an increase in buying pressure on Shiba Inu in the market. Moreover, the averages are showing a sharp rise, suggesting that the price will continue to appreciate in the coming days.
Will Shiba Inu prices go back up?
If the bulls sustain the price above the $0.00001076 support, SHIB price will regain momentum and will be ready to test its $0.00001197 resistance.
Sustaining the price at this level will set the stage for SHIB price to attempt to test its overhead resistance at $0.0000130 in the coming week.
Conversely, if the price fails to stay above the support, it will lose momentum and decline to test its lower support at $0.00001010.
Moreover, if the bears continue to dominate the market, the price will decline further and be ready to test the critical support level of $0.00000926.
