Over the past week, Shrub [SHRUB] has experienced an impressive increase of 265.34%. However, the token experienced a 20.09% pullback on November 18.
As of the time of writing, the market capitalization of SHRUB is $124.89 million. Despite a pullback, interest in memecoin remains strong, with a 24-hour trading volume increase of 2.35%, indicating continued market activity.
Analysts speculate that Elon Musk may have hinted at SHRUB in a tweet that drew attention to a shrub next to a SpaceX rocket. They interpret this as an interesting suggestion to take memecoin to 'Mars'.
The subtle connection between SHRUB and Elon Musk's tweet about 'exciting times' may spark further interest in memecoin, increasing its recent popularity and market activity.
Will SHRUB gain key support?
The hourly chart for SHRUB reflects a consolidation trend after a significant pullback from recent highs, with a trading price of $0.1379.
The market shows indecision, with prices hovering near the Ichimoku cloud. This indicates a neutral to slightly bearish market sentiment in the short term.
However, the key support level at $0.13280 is crucial for future price movements. If this support level holds, it could serve as a springboard for another significant rebound of up to 122%, reigniting bullish momentum.
The Ichimoku chart highlights mixed signals, with prices testing a key level that could determine the next move.
Trading volume remains low at 4.446K, indicating limited market activity during this consolidation phase.
The funding flow index for memecoin is 21.23, indicating an oversold condition that may attract buyers and lay the groundwork for a rebound.
Breaking through the resistance level of $0.16450 with increased volume would strengthen the case for a bullish breakout. Conversely, failing to hold the $0.13280 level could lead to further declines.
