Shiba Inu (SHIB) is the star of the day today because its indicators point to a possible turnaround. At the moment, the dog-themed joke coin is slightly rising, up by 0.67% to $0.00002373.
That small of an increase is familiar ground for Shiba Inu, which has tried to find support at the $0.000023 point before. Wider market pressures have made it harder for SHIB to make a breakout, even though people have been trying hard. The Bollinger Bands technical sign, on the other hand, shows that there may be a comeback on the horizon.
Shiba Inu’s Bearish Trend: Reversal Potential
Shiba Inu has been trading in bearish territory since at least May 7 when you look at the SHIB/USDT one-day chart on TradingView. Since prices are close to the lower Bollinger Bands, there is a good chance that the trend will change.
As prices move toward the middle Bollinger Bands, the small rise shows hope, but it might not last long. In spite of this, the Shiba Inu society is still set on its long-term goals. Recent large deals give us a hint that there might be a big breakout in the near future.
Shiba Inu’s flat Relative Strength Index (RSI) adds to the idea that SHIB bulls could soon take back control of the market.
It hit an all-time high of $0.00008845 in October 2021, when there was a lot of excitement. Today, the digital currency has changed a lot. It used to be a speculative meme coin, but now it’s a system with more and more uses.
Along with the general market uptrend, Shibarium’s smart contracts platform has a lot of promise that could help SHIB’s technical signals. In the near future, Shiba Inu could try to repeat its all-time high and possibly set a new price record. #ShibaInu
