With a resurgence in buying pressure, the SHIB coin price maintains a bull run for the last two months. The extensive buying boosts the SHIB prices by 45% in the last 56 days, breaching the 200-day EMA.
The recovering trend with the increase in demand for Shiba, the 50-day EMA revamps and teases a potential golden crossover in the daily chart.
The SHIB coin price shows an overnight gain of 7.50%, with a 40%% jump in intraday trading volume. The overnight jump continues undermining the previous 9.93% drop, the retest of the $0.00000908 breakout.
The retest also helps the Shiba Inu coin price sustain above the 23.60% Fibonacci level, increasing the uptrend possibility.
The MACD and RSI indicator in the daily chart indicates a surge in bullish sentiment. It is evident by the MACD and signal lines maintain an uptrend with the rising histograms. Moreover, the RSI line reaches the overbought boundary.
In the weekly chart, the previous SHIB candlestick failed to sustain above the $0.000010 psychological mark. However, with a sharp lower price rejection, reflecting a retest, the SHIB prices rise to challenge the 50 EMA.
Supporting the bullish revival, the MACD indicator displays a bullish crossover in the weekly chart.
If the meme coin closes above the 23.60% Fibonacci level on the weekly chart, the dog-themed cryptocurrency is expected to start a bull run to reach the 50% Fibonacci level at $0.00001179.
On the other hand, too much selling pressure above the 23.60% Fibonacci level could lead to a new lower high formation. If this happens, the meme coin is expected to continue its downtrend and challenge the support level of $0.00000667.