Shiba Inu (SHIB) is in the spotlight today as its metrics contrast as they hint at a possible rebound. At the time of writing, the dog-themed meme coin is displaying a mild surge with a 0.67% boost to $0.00002373.
Bollinger Bands hint at bullish Shiba Inu uptrend
This mild uptick is not Shiba Inu’s first rodeo or attempt to form support at the $0.000023 price mark. Broader market forces have always worked to suppress the ultimate breakout potential of Shiba Inu; however, insights from Bollinger Bands' technical indicator show there might be a reboot coming soon.
The SHIB/USDT one-day chart on TradingView shows that Shiba Inu has been trading from the oversold point since at least May 7. With the price trending around the lower Bollinger Bands to date, the possibility of a trend reversal is high.
The mild break as the price shifts toward neutral-middle Bollinger Bands hints at promise, but it might be short-lived. Shiba Inu’s community, however, remains resolved about the longer-term end goals. With large transactions spotted in recent times, it becomes evidently possible for the brooding breakout to be recorded in the long term.
Shiba Inu’s neutral Relative Strength Index (RSI) also visibly underscores the fair chance for SHIB bulls to regain control of the market.
All-time high (ATH) catalyst push
Shiba Inu attained an all-time high of $0.00008845 in October 2021 on pure hype. Today, the digital currency has reached an immense evolution that has transitioned it from a speculative hype meme coin to a protocol with growing use cases.
The potential of Shibarium, its smart contracts platform, and its general market uptrend have what it takes to complement SHIB's technical signals. In the near future, Shiba Inu might make an attempt to retest the ATH and potentially chart a new price milestone overall.
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