The popular meme coin Shiba Inu (SHIB) is experiencing a notable bullish trend as the week draws to a close, marking a positive turn for its market performance. After an increase of 2.27% since yesterday, SHIB's price action is drawing attention from traders looking for potential upward movements in the short and mid-term.
SHIB's Immediate Momentum and Short-Term Targets
Currently, SHIB's price on the hourly chart is actively approaching a key local resistance level at $0.00000741. Should buyers successfully maintain their current momentum and push past this barrier, market analysts suggest a subsequent upward move could target the $0.00000750 area. This immediate resistance break is crucial for confirming the short-term bullish sentiment.
Broader Perspective and Mid-Term Potential
Zooming out to the daily chart, the focus shifts to yesterday's candle high. A decisive closure above the $0.00000740 mark, accompanied by a strong wick, could pave the way for SHIB to test the $0.00000770 zone in the coming days. From a midterm perspective, the meme coin recently executed a false breakout from its established support at $0.000007. If the weekly bar concludes its trading significantly above this support level, traders might anticipate a notable bounce, potentially propelling SHIB back into the $0.000008 range, indicating a more sustained recovery.
