The bullish sentiment spiked up for Shiba Inu price since the early trading hours as the price jumped more than 17% at the press time. The SHIB price is currently testing the key resistance area and a successful surge may result in the resumption of the bull run soon.
The price is constantly testing the resistance levels without losing momentum due to multiple rejections in the recent past. However, the sufficient boost may propel the price back to the lost positions shortly.
Moreover, the 4-hour price chart showcases a possible inverted head and shoulder pattern been formed. The multiple rejections just above $0.00001 appear to be the neckline of the pattern, and the SHIB price is likely to have a massive rally.
The RSI levels exhibit a huge bullish trend as it has touched the highest levels in the recent past recording 88 levels and showcasing fewer signs of a dip. On the other hand, the Shiba Army also appears to have geared up massively as the increased social engagements point out the same.
Collectively, SHIB price is attempting for the fourth time this month to break through the resistance area. And a successful surge above the levels around $0.00001 may pave way for a healthy uptrend. Moreover, according to some reports, ShibaSwap is at its final stages of deployment. The successful launch of the platform may also aid in the uptrend of the Shiba Inu price.
Published By : CoinPedia.