Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• Shiba Inu was looking to flip critical resistance level using bullish trendline as support.
• On-chain metrics highlighted rising bullish sentiment.

Memecoins have benefitted from the increased volatility of the markets in recent times. Pepe and BabyDoge were the second and third trending tokens on Coinmarketcap in the past 24 hours.

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

However, one of the most popular memecoins, Shiba Inu [SHIB] hasn’t seen much bullish action with a key price level standing in the way of significant gains. Can bulls quickly flip this level and join the memecoin ride?

Key support for bulls now stands as a major hurdle

A look at Shiba Inu’s price chart on the higher timeframes showed that the $0.00000807 resistance level was a key support level for bulls in January. The level acted as a price base for a remarkable rally to a year-high of $0.0000157.

However, SHIB has struggled under a bearish structure since then, due to traders moving to more exciting memecoins. This led SHIB to a new low of $0.0000055 on 10 June. While bulls rebounded decently off the low, a familiar price level has become a hindering factor.

The $0.00000807 level has twice rebuffed the bullish advance. However, recent price movements suggest a

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Author: Suzuki Shillsalot

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