Shiba Inu's First Bullish Signal Since February Boosts Price Potential

The Shiba Inu cryptocurrency has shown signs of recovery after a prolonged bearish trend. According to technical analysis, the MACD indicator has turned positive for the first time since February, indicating a potential bullish signal.

Meanwhile, burns of SHIB have decreased by 32% in the past 24 hours, but still remain high at 26 million. However, the supply reduction narrative may not have as much impact on the price as previously thought, given that the burns are not consistent and follow a pattern of spikes followed by flatlines.

The price of SHIB is currently trading near the middle Bollinger Band, which is $0.0000598. If it continues to rise, it may face resistance at the upper band at $0.0000625 or even higher. On the other hand, if the MACD cross fades and the price slips below the middle band, it could lead to a decline towards the February low near $0.0000470.