Shiba Inu is attracting renewed market attention as bullish momentum builds across the cryptocurrency sector. Recent price action has shifted sentiment after weeks of persistent weakness and declining prices. Analysts now point to improving technical signals on the daily chart as buying pressure increases. The latest rebound has raised expectations that SHIB could attempt a stronger upward trend if key levels hold.
Shiba Inu Rebound Signals Strengthening Market Sentiment
Shiba Inu has recorded a series of green candlesticks that analysts view as a positive signal. Market analyst Crypto Tony described the recent activity on the Shiba Inu daily chart as “interesting.” His observation followed a clear reversal from earlier downward pressure that pushed SHIB to multi-year lows of $0.00000507 in February.
Momentum has improved in recent sessions. At the time of writing, SHIB price trades around $0.00000606 after a steady rebound, gained nearly 3.94% for the past 24 hours. If the price closes positively today, SHIB will record seven green daily candles within the last eight days. Traders often interpret this pattern as evidence of strengthening upward momentum.
During this period, SHIB climbed roughly 16%. The price moved from $0.000005529 to its current level of $0.00000619. The rebound has also shifted the broader timeframe outlook. SHIB turned green on the monthly chart after earlier declines in early March. The token now shows a monthly gain of about 7%.
Crypto Tony commented on social media that the move signals improving market sentiment. He stated that Shiba Inu is “beginning to look interesting,” while highlighting important levels that could determine the next price direction.
Key Support and Resistance Levels Could Shape SHIB’s Trend
Crypto Tony emphasized that the $0.00000590 level represents an important threshold for Shiba Inu. According to him, holding above this level would provide a “good start” for the ongoing recovery.
Previous rebounds struggled to maintain strength and formed lower highs before deeper declines followed. A similar situation occurred in early January. At that time, SHIB surged more than 30% and reclaimed the psychological $0.000010 level. However, the rally quickly reversed and produced new lows.
Another rebound appeared in February when SHIB rose from $0.00000507 on February 6 to $0.00000725 eight days later. That move eventually faded as the token revisited support levels again.
The $0.00000590 area now carries technical importance because it aligns with a key support zone. SHIB briefly held support there on February 11 during a volatile trading period. The token later broke below the level and declined to $0.00000523 on March 8.
Recent trading activity suggests improved strength. After reaching $0.00000630 on March 13, SHIB corrected slightly to $0.00000578 on Sunday. Buyers quickly pushed the token back above the $0.00000590 area.
Crypto Tony explained that reclaiming this level indicates healthier price action compared with earlier rebounds. He also identified $0.00000725 as the next major resistance level. A move above that point would clear previous lower highs and confirm a break in bearish structure.
Source: https://coinpaper.com/15471/shiba-inu-price-shows-strength-as-analysts-eye-key-breakout-level
