The markets appear to be recovering from the recent bearish action, while the memecoins have been gaining significant strength. While the newly launched memecoins like DOG, POPCAT, MEW, etc. have been surging with huge margins. Besides, the popular ones like Dogecoin, PEPE, BONK, FLOKI, & Shiba Inu are trying to validate a bullish reversal. Among all, the SHIB price rally is believed to have lost its grip over the rally as the token is preparing for a free fall.
Similar to the other tokens, the Shiba Inu price also experienced a massive pullback at the start of the month. Luckily, the token triggered a strong rebound after hitting the interim support close to $0.000016, which has revived a strong rebound. While the Bulls are trying hard to revive an ascending trend, the bears appear to have laid down a trap. With this, the possibility of a pullback continues to haunt the rally, while the intensity could be higher than before.
The SHIB price broke out of the descending parallel channel and surged above the resistance zone above $0.000018. As the investors gained back their trust, the price broke down, facing a rejection which dragged the levels to the support. Now the rally appears to have triggered a rebound, but it appears the recovery could not be held for long as the bears have laid down a strong bull trap.
The volume oscillator continues to plunge and drop below the average bands, suggesting a huge drop in the volume. Besides, the RSI is trying hard to validate a bullish reversal that may occur but not sustain for a long time. Therefore, the Shiba Inu (SHIB) price is believed to test the local support at $0.000016 and if the bulls fail to defend these levels, then a drop below $0.000015.
