Shiba Inu rebound has taken center stage as the memecoin posted an 11% surge in the last 24 hours, and this has actually outperformed the broader crypto market by quite a bit. The rally comes after several days of bearish pressure that had been weighing on the token, with bulls now eyeing some key resistance levels. This recovery could push the token toward psychological price barriers, and right now the prediction suggests momentum is shifting in favor of buyers who have been waiting for this move.
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Shiba Inu Rebound Signals Rally, Resistance Levels, Recovery, And Prediction
Futures Activity Signals Growing Confidence
The Shiba Inu rebound has been accompanied by increased futures market activity, which is an important sign. According to CoinGlass data, SHIB futures Open Interest actually climbed 2.62% over the last 24 hours to reach $80.51 million, and this indicates growing investor confidence in the memecoin’s potential for further gains. Along with this, Dogecoin futures Open Interest also rose 4.33% to $1.38 billion, showing that the broader memecoin sector is seeing renewed interest right now.
At the time of writing, Shiba Inu is trading above $0.00000800 after experiencing four consecutive days of losses that had pushed the token lower. The ongoing Shiba Inu recovery could see SHIB push toward the November 29 high of $0.00000913, which represents an immediate resistance level for bulls who are attempting to extend this rally further.
Technical Indicators Show Weakening Bears
The SHIB/USD 4-hour chart has been showing some mixed signals, though bearish momentum appears to be fading at this point. The Relative Strength Index stands at 47, which is below the neutral 50 mark but actually suggests that selling pressure has been reducing. The MACD indicator is also closing in on a bullish crossover, and this often precedes upward price movements that support the current Shiba Inu prediction among traders.
If the Shiba Inu rebound persists and bulls manage to break the $0.00000913 resistance, the next target would be the $0.00001 psychological level. This barrier has proven difficult to breach since November 12, making it a critical test for the sustainability of this Shiba Inu rally that we’re seeing unfold right now.
Also Read: Shiba Inu Delivers Massive 10% Rally: Is The Worst Over?
Bears Could Test Lower Support
However, downside risks are still present and can’t be ignored. Should bears regain control of the market, SHIB could retest Monday’s low of $0.00000780 in the near term, which would undermine the current Shiba Inu recovery and also negate the positive prediction that bulls are counting on at this point. The token has been underperforming over the past few weeks, so maintaining support above $0.00000800 is actually critical for bulls to sustain this momentum going forward.
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