The popular meme coin Shiba Inu (SHIB) has seen notable upward movement recently, capturing the attention of investors as it navigates key price levels. This analysis delves into its immediate performance and potential trajectory across various timeframes.
Recent Gains and Immediate Hurdles
SHIB has experienced a 3.26% increase since yesterday, currently trading around $0.00001259. On an hourly chart, the cryptocurrency is testing a local resistance level at $0.00001270. Should SHIB successfully close above or near this mark, it could pave the way for a swift test of the $0.00001280 area, indicating continued short-term bullish momentum.
Broader Market Trends and Future Outlook
Zooming out, SHIB's price has been steadily climbing after a significant breakout above the $0.00001229 resistance level. As long as the asset maintains its position above this critical point, analysts anticipate further growth, potentially pushing it into the $0.000013 range. From a midterm perspective, SHIB has also demonstrated resilience by bouncing off a crucial support at $0.00001145. If the weekly closing price remains well above this support, it would signal strong bullish control, potentially driving SHIB towards the $0.000014 zone, suggesting a promising path for continued appreciation.
