Shiba Inu Rebounds 4% Despite Bearish Market, Bulls Defend Crucial Level

Shiba Inu (SHIB) has seen a minor gain today, rising by 4% in the last 24 hours, despite the overall bearish market sentiment. The cryptocurrency has been on a downward trend for the past few months, triggering fear and panic among holders. However, the recent bounce off a six-month low has sparked some hope for a potential recovery.

The psychological $0.00001 level became crucial for the bulls, and they reacted strongly to defend it. After a three-week dump, the price surprisingly pushed above $0.000017. Yesterday's market was volatile, with a major recovery followed by a weak close, suggesting a further drop. However, the bulls showed up today and pushed the price back up.

A strong close above the previous day's high could facilitate an increase towards the $0.00002 level. If the price fails to reject this level, it could fuel more increase and shift the trend back to an upward range. However, the bounce has technically brought a little suspense in the short-term fall, and Shib may resume its bearish trend.

The key resistance level for an increase is $0.0000172, with higher resistance levels at $0.0000197 and $0.0000223. The higher resistance level to signal a trend shift is $0.000025. The key support levels are $0.0000147, $0.000013, and $0.0000116. Losing the $0.0000116 level could trigger a serious dip in the far term.

As of now, the spot price of Shiba Inu is $0.0000116, with a bearish trend and high volatility. It is essential to conduct thorough research before making any trading or investment decisions in the cryptocurrency market.