Shiba Inu has gained 10% this week, but can meme coin rallies be trusted?

ShibaInu [SHIB] has gained 10% this week, but can meme coin rallies be trusted?

also saw bullish market sentiment. The coin traded close to a level of resistance from mid-November. The previous breakout past this level was quickly reversed. Can this rally meet the same fate?Source: SHIB/USDT on TradingView

The RSI on the four-hour chart remained above neutral 50 to show bullish momentum. Meanwhile, the OBV has made a series of higher lows in January. Together, they suggested the bias remained bullish for Shiba Inu. The market structure was also bullish, but a drop below $0.00000855 would change this bias. In the past couple of days, the $0.0000088 level has been defended as support, which encouraged lower timeframe bulls to bid once more.The daily chart showed that the $0.00000943 mark was not broken on the previous move above it, back on 5 December. Thus, the daily session close was beneath this level despite the short-term move to $0.00001 on that day.

In the past few hours, some short positions were liquidated as SHIB bounced from the $0.0000088 mark. The funding was also positive and did not show bears were fading this move yet. Hence, a breakout past $0.0000094 and a retest can offer a buying opportunity.Subscribe to get it daily in your inbox.

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