Shiba Inu (SHIB) price may be indicating that it can bounce back

Several crypto analysts have found potential bullish trends in the price action of SHIB.

Shiba Inu (SHIB) price is showing signs of a potential bounce as investors attempt to gain control of the popular meme token's price action. The technical analysis suggests that SHIB is creating trends which would aid in propelling it to the crucial price of $0.00002.

SHIB's Chart Is Showing A Positive Wave Formation

Several crypto analysts have found potential bullish trends in the price action of SHIB. Analyst JAVON MARKS has indicated a common bullish divergence in Shiba Inu charts.

This generally suggests that the bearish trend is losing its strength. According to the analyst, "by the numbers," this pattern suggests bulls could be positioning to regain major control of the token's price movement.

The detailed chart analysis published by trader CAPT.PARABOLIC TOBLERONE shows an Elliott Wave formation with labeled waves, suggesting SHIB may be completing a corrective phase.

The chart indicates various wave points designated by letters A, B, C, and 1-5. These adhere to the traditional Elliott Wave principle. The current level may be preparing for a fifth wave movement that may be targeting higher grounds.

The SHIB price chart has strong technical signs. It has a clear channel structure with support and resistance levels. It also indicates a potential end of a wave structure correction and some targets at various prices, of which $0.00002 is a strong target.

The SHIB/USDT currency pair is witnessing initial indications of reversing the downtrend since November 2021. Recent price action is found to be building a base for a potential uptrend.

Shiba Inu Price Levels And Resistance Areas To Watch

The way to the $0.00002 level once more poses technical hurdles for SHIB bulls. The Shiba Inu price of $0.00001190 has a limited margin of 2% rise, but it is still far from achieving the target level. Technical charts indicate a number of resistance levels that must be overcome to create a strong upward trend.

The initial strong resistance appears at the $0.0000140 level. This corroborates with historical price response and wave 5 termination, evident from the technical chart.

Beyond this, the $0.0000170 zone represents another key barrier. This is because it served as both support and resistance during previous price action in 2024.

If bulls manage to maintain bullish momentum, the next key level would be $0.00002, which holds psychological importance and aligns with long-term technical structures visible on the chart. This level has acted as a major pivot point throughout SHIB's trading history.

Recent analysis also shows a golden cross emerging, which indicates that the price is likely to break $0.00002.