The popular meme coin Shiba Inu (SHIB) is concluding the week on a bullish note, experiencing a significant uptick in its price. However, a deeper dive into its technical analysis reveals a more nuanced outlook, with immediate gains tempered by signs of potential consolidation and a challenging midterm perspective. Traders are closely monitoring key price levels as the digital asset navigates both short-term momentum and broader market forces.
Short-Term Bullish Momentum for SHIB
SHIB has shown strong performance in the last 24 hours, registering a gain of 3.21%. On the hourly chart, the price has successfully established itself above the local resistance at $0.00001011. This positive development suggests that if bulls maintain their current initiative, SHIB could see further upward movement, potentially targeting the $0.00001030-$0.00001050 range. The current trading price stands at $0.00001017, reflecting this immediate bullish sentiment.
Broader Picture and Mid-Term Caution
While the short-term outlook appears bright, the bigger time frame analysis paints a picture of accumulation and potential consolidation. SHIB's price is currently recovering after a false breakout of the support level at $0.00000956. However, buyers may require additional time to gather sufficient energy for a sustained rally. In this scenario, sideways trading within the $0.000010-$0.00001050 range is considered the more probable outcome. Looking further ahead, the midterm perspective introduces a note of caution. As long as SHIB remains below the crucial $0.00001145 level, sellers appear to hold more power than buyers, indicating a persistent chance for a price correction.
