The crypto markets are squeezing yet again after the bulls failed to hold the levels above the gains. The bitcoin price dropped below $62,000, which dragged the majority of the crypto space close to its respective support levels. In the meantime, memecoins like Pepe, Floki, BOOK OF MEME, etc. are showing acute strength. Besides, Dogecoin, dogwifhat, and Shiba Inu are gearing up to trigger a strong rebound.
Memecoins have been performing well since the beginning of the month, regardless of the bearish pressure hovering over the crypto space. While most of them are thriving, Shiba Inu continues to remain under bearish pressure. However, this may not prevail for long, as the current trade setup suggests the price is gearing up for a fresh upswing.
As the above daily chart suggests, the SHIB price is trading within a descending parallel channel but appears to have found support at the ascending trend line. The bulls are trying hard to trigger a rebound but the price may break from the trend line for a while as the Ichimoko clouds continue to remain bearish. However, the Senkou Span B or Lead Span B line has triggered a bullish divergence, which suggests a strong bullish trend may soon begin and within a bullish crossover, the upswing will be validated.
On the other hand, the DMI levels continue to converge without letting out any specific signals. Meanwhile, the ADX is close to the lower threshold, which suggests the strength of the rally could soon rise, which may compel a bullish crossover between +Di & -Di levels. This may eventually lift the Shiba Inu price above $0.000025, which may pave the way for the price to reach the crucial resistance zone between $0.00003078 and $0.0000276. If the bulls manage to defend these levels, the SHIB price may eventually mark a new ATH and may even eliminate a zero from its price in the latter part of the year.
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