 ▲ Shiba Inu (SHIB) |
Shiba Inu (SHIB) has entered a technical rebound zone where it could rise as much as threefold in the short term after forming strong support at the lower Bollinger Band and shaking off its recent downtrend.
On March 5 (local time), cryptocurrency media outlet The Crypto Basic reported that Shiba Inu traded at around $0.00000565, up 3.9% over the past 24 hours. The token climbed to approximately $0.0000058 during intraday trading before absorbing minor profit-taking and maintaining stable momentum, confirming solid support in the $0.0000056 range. Shiba Inu’s market capitalization has now surpassed $3.3 billion, with daily trading volume nearing $190 million, demonstrating active market participation.
Looking at the four-hour chart, strong buying interest flowed in around the lower Bollinger Band at $0.00000530, pushing prices back up. This movement suggests strengthening short-term recovery momentum, with attempts underway to break above the middle Bollinger Band near $0.00000555. Market analysts note that if Shiba Inu stabilizes above this midpoint, it could have sufficient room to climb toward the upper Bollinger Band resistance at $0.00000580.
Crypto market analyst Shib Knight stated that, based on the current market structure, Shiba Inu could see an additional 2x to 3x upside in the short term. According to charts shared by Knight, SHIB is consolidating below key historical resistance levels at $0.00001003 and $0.00001492. Should buying pressure persist and sequentially break through these resistance levels, the pace of price appreciation could accelerate significantly.
The advance-decline line, which reflects overall market breadth, currently stands at 1,602, indicating a modest improvement in market conditions. As the indicator trends gradually upward and advancing assets outnumber decliners, this dynamic serves as a positive factor supporting short-term investor sentiment for Shiba Inu. Improving indicators backed by trading volume suggest the groundwork for a potential trend reversal rather than merely a technical rebound.
Shiba Inu is currently exploring a new price formation range based on support at $0.0000056, passing what appears to be the final gateway toward ending its downtrend. Investors are closely monitoring Bollinger Band contraction and expansion in an effort to identify optimal entry points ahead of a potential large-scale price breakout.
Disclaimer: This article is for investment reference only, and no responsibility is taken for any investment losses resulting from its use. The content should be interpreted for informational purposes only.