The cryptocurrency market is showing signs of rising as it tries to recover from the recent declines. The bullish sentiment is also getting stronger in the Meme coin market. Shiba Inu The price managed to rise in a short time by taking advantage of this trend.
Artificial intelligence tool ChatGPT also analyzed the best entry positions for investing in SHIB.
Shiba Inu price managed to reverse the trend from the important $0.00002118 support zone. It currently maintains its dominance at the psychological level of $0.000020. With a morning star formation at the base level, the 24-hour bounce of 7.84% reduces the 30-day decline to 5.82%.
On the daily chart, SHIB price is showing a bullish reversal ready to break the overhead resistance trend line. This will conclude the retracement phase and extend the prevailing bull run. Additionally, the daily RSI line is showing a bullish divergence supporting a double-bottom reversal.
Currently, Shiba Inu price is trading at $0.00002483 and it is ready to surpass the 50-day EMA. According to trend-based Fibonacci levels, meme coinIt could hit the 78.60% Fib level at $0.00004195. Moreover, beyond this it could target the psychological $0.000050 mark.
ChatGPT finds similar elements very important in the SHIB price chart. ChatGPTfinds a symmetrical triangle instead of a descending triangle and talks about a potential bullish breakout.
After the breakout, the AI identifies trend-based Fibonacci levels as potential target zones for the bulls. While the upside stretch potentially reaches $0.000050, a conservative approach has $0.00004195 as the next target.
