- Shiba Inu (SHIB) could enter a bull run if it breaks the key resistance at $0.000014 and turns it into support.
- Bullish momentum is growing, but this critical level must be cleared for a sustained uptrend to begin.
Shiba Inu (SHIB) has recently shown signs of renewed bullish momentum after a period of extended consolidation. After holding firm at a critical support level, the meme coin may be gearing up for a significant price surge. However, there’s a key condition that must be met for this bull run to fully materialize.
SHIB Finds a Bottom, Bulls Eye Key Resistance
In August, SHIB’s price movement was largely defined by a prolonged consolidation phase. However, recent developments suggest that the coin may have found its bottom at the $0.000011 support level. This crucial support held up well against selling pressure, and now the bulls are testing the key resistance at $0.000014.
If SHIB manages to break above this level, it could mark the beginning of a new rally. The resistance at $0.000014 has become a focal point, with bulls putting significant pressure on this threshold. Breaking it and turning it into a support level could be the catalyst needed to end the prolonged downtrend.
Is the Downtrend Coming to an End?
SHIB has been stuck in a downtrend for months, with each attempt at recovery thwarted by selling pressure. The potential shift in momentum could hinge on whether buyers can turn $0.000014 into a solid support level. If this happens, it would signal a change in the market structure and potentially open the door for further upside.
This week could be decisive for SHIB, as traders and investors closely watch price action around the $0.000014 resistance. Success in this area could signal the end of the downtrend and set the stage for a sustained upward move.
Bullish Momentum Gathers Steam
Technical indicators are also flashing bullish signals. The daily Moving Average Convergence Divergence (MACD) indicator turned bullish last week, indicating that buyers have started to regain control. Interestingly, the two-day MACD has followed suit, reinforcing the bullish sentiment.
This momentum is critical for sustaining any potential rally. If buyers maintain their grip and continue driving the price higher, SHIB could enter a sustained uptrend. However, the $0.000014 level remains a key hurdle that must be cleared before any significant price appreciation occurs.
A Bull Run on the Horizon?
Shiba Inu (SHIB) appears poised for a potential bull run, but its fate hinges on whether it can break above the $0.000014 resistance and transform it into support. If successful, this could mark the beginning of a new phase of growth for SHIB, giving holders something to be optimistic about in the coming weeks. As the market awaits the next decisive move, traders will need to keep a close eye on these critical levels.
