Strong community sentiment and technical indicators point to Shiba Inu being in an early stage of recovering from recent lows.

Targeting the $0.0000065 resistance level is likely because Shiba Inu has established itself as one of the most actively traded tokens on the market. At press time, the coin is trading at  $0.000005893 with an increase of 0.9% over the past 24 hours.

SHIB Is Now Attempting A Recovery

As indicated by TradingView’s chart, Shiba Inu (SHIB) is currently priced at approximately $0.0000059 following a bounce from recently established support levels around $0.0000055.

Price has increased since it hit the lower Bollinger Band and has started to approach the middle Bollinger Band, which is currently serving as resistance for price. Should the price break out above this area, then it will most likely target the next significant area of resistance at approximately $0.0000065.

Additionally, the On-Balance Volume (OBV) has begun an upward trend, indicating that at least some buying interest may slowly be returning into the market.

Also Read: Shiba Inu (SHIB) Could Repeat Its 455% Rally If Wedge Breakout Occurs

Community Sentiment Seems Bullish

While we analyze the community Sentiment from CoinMarketCap, bullishness is through the roof with an astounding 86% of poll respondents indicating they are bullish on crypto, with only 14% being bearish regarding price action. 

With traders exhibiting an exceptional degree of confidence in recovering from its recent losses, we are already seeing traders pay close attention to whether we can hold above key resistance levels in order to confirm whether we can begin to see upward momentum in SHIB. 

The combined strength of the technical indicators and community support is likely to keep traders focused on the upcoming price developments for SHIB for the next couple of trading sessions.

Also, based on where SHIB appears with regard to the overall price chart, we may be close to experiencing a bottom in this currency.

Based on the price action, if SHIB were to break above $0.0000065, then traders would be well positioned to see a reversal.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

Also Read: Shiba Inu Surges 1.25% as Bulls Eye $0.0000245: NFT Fallout Sparks Debate