Shiba Inu (SHIB) Price preparing for takeoff; Will this Memecoin make you a millionaire this year?

Cryptocurrency markets are contracting once again after bulls failed to hold levels above gains. THE price of bitcoin fell below $62,000, dragging most of the crypto space close to their respective support levels. Meanwhile, memecoins like Pepe, Floki, BOOK OF MEME, etc. they are showing strong strength. Furthermore, Dogecoin, dogwifhat and Shiba Inu are preparing to trigger a strong rebound.

Memecoins have performed well since the beginning of the month, despite the bearish pressure hovering over the crypto space. While most thrive, Shiba Inu continues to remain under downward pressure. However, this may not prevail for long, as the current trading setup suggests that the price is preparing for a fresh recovery.

As the daily chart above suggests, the SHIB price It is trading inside a parallel descending channel but appears to have found support on the ascending trend line. The bulls are trying to trigger a rebound, but the price may break away 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 that a strong uptrend may soon begin and within a bullish crossover, the recovery will be validated.

On the other hand, DMI levels continue to converge without revealing specific signals. Meanwhile, the ADX is near the lower threshold, which suggests that the strength of the rally may soon increase, which could force a bullish crossover between the +Di and -Di levels. This could eventually take the Shiba Inu price above $0.000025, paving 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 could possibly mark a new all-time high and even eliminate a zero from its price in the latter part of the year.

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