Shiba Inu (SHIB) Breaks Downtrend Amid Rally for New Highs

Shiba Inu (SHIB) is in a major recovery mode as look to ride the broader positive trend in the market.

Over the past 24 hours, the price of Shiba Inu has oscillated between two major extremes, from a low of $0.000008873 to a high price of $0.000009341. Amidst the volatility triggered, the price of the token is now pegged at $0.000009195, up 3.55% in 24 hours.

The Shiba Inu recovery lends different insights into its resilience. Market participants are already returning to the coin, as the trading volume has jumped by 108% to $151,728,659, with the market capitalization sitting comfortably at $5,419,814,948.

Rebooting Bullish Expectations

Seeing a positive uptick in Shiba Inu and its associated tokens is an unusual sight in the market today considering how erratic its growth has been this month. While the drawdowns have been visible, the token is now rebooting its investor’s bullish expectations.

Per a chart shared by analyst SHIB KNIGHT, Shiba Inu has reversed its trend, breaking away from the downtrend on the 4H chart. Despite this visible breakout, the headwinds are not entirely clear for the token as its historic bearish trend still has a strong undertone.

$SHIB Breaks Downtrend at 4H Chart. ???? pic.twitter.com/d9PTzkn4df

— $SHIB KNIGHT (@army_shiba) February 8, 2024

For short-term holders, this current surge might be considered a sell window to take profit off their holdings. To sustain the bullish expectations of many, Shiba Inu’s long-term holders may need to keep the forte to prevent unusual slumps.

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On the technical side, the SHIB/USD 4H chart shows the Relative Strength Index (RSI) is in the neutral zone at 49.53. This implies that the price of the asset is susceptible to any influence from either the bulls or the bears.

Leaning onto the Visible Catalysts

Shiba Inu is thriving at the moment. However, to sustain this growth, it may need to summon backing from its ecosystem. The right translation of the growth of Shibarium to SHIB price is necessary to bolster the current momentum.

Shiba Inu is a project with so many ambitions but with a relatively lower impact in the real world. With key innovations ranging from the proposed burn portal to Shibarium’s push to establish itself as a competitive layer-2 network, SHIB investors with a longer-term target have the right fundamentals to keep HODLing.