After trading in a consolidated range for over a week, memecoins appeared to gain momentum again as the top tokens showed significant jumps in their respective values.
The Shiba Inu price traded in a closed range between $0.00000800 and $0.00000860 for some time and then saw a slight decline, but bulls kept the price strong and it bounced back.
After continuing to trade in a closed range for nearly two weeks, MEMCOIN gained momentum and successfully broke out of the range. The price added over 24% to the portfolio before being rejected at $0.00001074.
The price then traded in a consolidated range between $0.00000926 and $0.00001074 for a short period of time.
Recently, the bulls gained momentum and broke the resistance level of $0.00001074, but the bulls lost momentum as the price was rejected at $0.00001197.
Moving Average Convergence Divergence (MACD) shows a significant rise in the histogram, which indicates increased buying pressure for Shiba Inu in the market. The averages also show a sharp rise, suggesting that prices will continue to rise in the future.
Will Shiba Inu prices rise again?
If the bulls hold the price above the support level of $0.00001076, SHIB price will regain momentum and prepare to test the resistance level of $0.00001197.
Holding the price at this level would set the stage for SHIB price to test the higher resistance level of $0.0000130 in the coming week.
Conversely, if the price fails to stay above the support level, it will lose momentum and move lower, testing the lower support level at $0.00001010.
Moreover, if the bears continue to dominate the market, they could increase further and prepare to test the important support level of $0.00000926.