- During Springโs rally, Shiba Inu clung to $0.000044 as its yearly high.
- Technical charts suggest a hidden bullish divergence with an oversold RSI.
- SHIB price trades in a narrow channel with 44% of SHIB holders in profit.
The popular canine crypto Shiba Inu (SHIB) has performed lackluster over the past few weeks. Its monthly price peak at $0.00001603 was short-lived, as a full retracement to the same support zone of $0.00001300 happened four days after the milestone.
Zooming out of the monthly charts, SHIB reached $0.000044 as the yearly pinnacle on March 6, 2024. SHIBโs triple-digit run during the meme coin-led bull rally in Spring has put SHIB back on the map as one of the most prominent altcoins, topping a market cap of $21.7 billion at the highest point on the verge of entering TOP 10 by cryptoโs global market cap.
Hereโs What SHIB Needs to Break Out
Several on-chain indicators will soon be considered to assess Shiba Inuโs potential trajectory. In an updated technical analysis by popular crypto market watcher Javon Marks, the expert has drawn attention to โmultiple bullish patterns with the RSI,โ which could pave the way for Shiba Inuโs rise to March 2024 levels.
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The crypto analyst is referring to the hidden bullish divergence in relation to the Relative Strength Index (RSI). This hidden bullish divergence could trigger a spark to reclaim the $0.000044 territory, but the analystโs prediction doesnโt stop there.
If the SHIB rebound rally extends above the 2024 price peak, Javon marked a โmuch larger resisting structure that has $0.000081 in play as the target!โ Finally, the seasoned chart analyst sees this technical setup potentially entailing a run to a new all-time high, portrayed in his chart as the upper black horizontal line.
In crypto, a hidden bullish divergence forms when the coinโs price makes a new low while the RSI does not. Based on the one-week charts, Shiba Inuโs RSI remained below 35, hinting at a comfortably oversold position.
As of press time, SHIB is changing hands at $0.00001342, according to CoinGecko. Sliding down by 4.9% in a weekly timeframe, SHIB trades in a support bubble where 44% of current holders are making a profit.
On the Flipside
- Despite the 2024 Spring rally gains being wiped out, Shiba Inu is still 73% up from where it was exactly a year ago.
- Technical chart analysis does not consider network upgrades, social activity, or adoption.
Why This Matters
Crypto analysis from a technical perspective can provide valuable insight into the coinโs price performance and surrounding trader sentiment.
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