Shiba Inu (SHIB) has recently shown promising signs that could indicate the beginning of a bullish phase. After enduring a prolonged downtrend over the last three months, SHIB has found crucial support at its 200-week Exponential Moving Average (EMA). This significant technical level often serves as a strong foundation for future price movements. Currently, SHIB is trading at $0.00001692, which is 3.72% above this pivotal support level, suggesting that the price has stabilized and might be poised for a rebound.

The stabilization at this level is particularly noteworthy given the broader context of the cryptocurrency market, where several assets struggle to find footing amid various macroeconomic pressures. For Shiba Inu, holding above the 200-week EMA could catalyze a potential 18% rally as market sentiment begins to tilt in favor of the bulls. 

This perspective is bolstered by recent on-chain data, which reveals a substantial decrease in SHIB’s supply on exchanges. This trend typically indicates that investors are moving their holdings to private wallets, thereby reducing selling pressure and potentially setting the stage for a price increase.

SHIB Finds Stability Above the 200-week EMA, and Market Sentiment

Key trading volume and market sentiment around shiba inu are vital pointers to the likely market movements. The recent trade information indicates that there has been a massive volume surge followed by price stabilization at 200-week EMA. This upsurge in trade volume shows that the support level besides being psychological is also coupled with real market activity, which could limit potential sell-offs and spur buying.

Also, the Chaikin Money Flow (CMF) indicator which looks at the amount of money flow volume over a specified time period has indicated slight growth. This might indicate that after some distribution, funds may now be coming back into SHIB. However, CMF though negative denotes that we still have more room until we see strong bullishness. Thus, for those thinking about investing it might be wise to keep an eye on SHIB for signs of a sustained upward trend or confirmation of continued support at these levels.

Shiba Inu’s next move will be critical in this case as it must keep its position above the 200-week EMA and build upon current support levels again. If shiba inu can maintain these levels and begin to push through them, then bulls set their sights on challenging higher resistance points again potentially leading