Market Data 
An analytical insight has highlighted several indicators that suggest Shiba Inu could rebound extensively from recent lows to December highs.
Shiba Inu, the second-largest meme coin by market cap, has shown bullish momentum as the crypto market finally puts the tariff madness behind it. The token rebounded from yesterday’s low of $0.00001182 to post a mild 1.47% gain, continuing with the momentum today.
Shiba Inu followed a similar path last week, rallying over 20% to a high of $0.00001567 before relinquishing all its gains. An analysis highlighted that this was a fake-out, and market participants are now observing the recent trends to confirm it is not another false momentum.
Nonetheless, a TradingView analysis from pseudonymous analyst “Bicoinmoney” has suggested that this trend may be sustainable. The Thursday commentary cited several bullish indicators that could spur a revisit of December’s price highs.
Technical Indications of an Imminent Rally
First, the pseudonymous market watcher noted that Shiba Inu is trending within a descending wedge in the 3-day timeframe, which has diffused any substantial rally since December’s high of $0.00003343. Meanwhile, the meme coin trades close to the channel’s tip and not far off from a crucial support between $0.00001150 and $0.00001200.
Then, “Bicoinmoney” highlighted several technical indicators aligning in SHIB’s favor. For context, he noted that Shiba Inu’s relative strength index stands at 34.17, close to the oversold territory at 30 and below. Also, the RSI and the token’s price form a bullish divergence, a precursor for a rebound.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator is flashing a buy signal. An accompanying chart shows that the MACD line is close to crossing the signal line, which is another bullish confirmation.
Shiba Inu Breakout
WTO and Cluster Algo Indicators Confirm SHIB Accumulation
Meanwhile, the wave trend oscillator (WTO) shows buying pressure, confirming a potential bounce. The WT line is curving upwards, and a green histogram is forming, signaling a possible crossover and trend reversal.
The Cluster Algo also confirms this positive momentum, with its main line moving upwards from the lower band. A green dot under the indicator line further indicates an accumulation pattern among Shiba Inu traders.
However, the Ichimoku Cloud suggests that bearish momentum still exists. SHIB’s trend below the Kumo Cloud shows an overall negative price trend. However, the cloud is thinning out, and further accumulation would change the narrative.
Analyst Shares Target and Possible Retracement Levels
Meanwhile, the analyst shared that a breakout from the channel would spur a rally to $0.00003036, representing a 143% surge from the current market price. Notably, the level lies above January’s high of $0.00002497 but just below December’s peak of $0.00003343.
Furthermore, the commentary highlighted the possible retracement levels in this upward push. It emphasized that the first resistance lies at the 0.718 Fibonacci level at $0.00001503, just above the descending channel.
Notably, the market watcher noted that Shiba Inu could possibly bounce from the level but noted that significant tests lie ahead. He pinpointed the 0.618 and 0.5 Fibonacci levels at $0.00002153 and $0.00002609 as major resistances, insisting a break above them could ensure the meme coin attains its target.
In the meantime, Shiba Inu trades at $0.00001241.
