SHRUB crypto soars 5X in 7 days as Elon Musk says ‘exciting times!’

• Shrub crypto at key support: Massive 122% surge possible if it holds.
• Oversold conditions suggested a potential rebound for the memecoin’s traders.

Shrub [SHRUB] experienced an impressive rally of 265.34% over the past week. However, the token faced a 20.09% correction on the 18th of November.

At press time, SHRUB held a market cap of $124.89 million. Despite the pullback, interest in the memecoin remained strong, with a 2.35% uptick in 24-hour trading volume, signaling continued market activity.

Analysts speculated that Elon Musk may have hinted at SHRUB via a tweet that drew attention to a shrub spotted beside SpaceX rockets. They interpreted this as a playful suggestion to take the memecoin “to Mars.” 

This subtle association between SHRUB and Musk’s tweet about “exciting times” could spark further interest in the memecoin, adding to its recent buzz and market activity.

Will SHRUB hold key support?

SHRUB’s hourly chart reflected a consolidating trend following a sharp pullback from recent highs, with the price trading at $0.1379. 

The market showed indecision, as indicated by the price hovering near the Ichimoku Cloud. This suggested a neutral to slightly bearish sentiment in the short term.

However, the key support at $0.13280 is critical for future price action. If this support holds, it could act as a springboard for another massive rally of up to 122%, reigniting bullish momentum.

Source: TradingView

The Ichimoku Cloud highlighted mixed signals, with the price testing key levels that could determine the next directional move.

Trading volume remained subdued at 4.446K, indicating limited market activity during this consolidation phase.

Read Shrub’s [SHRUB] Price Prediction 2024-25

 The memecoin’s Money Flow Index was at 21.23, suggesting oversold conditions, which could attract buyers and set the stage for a rebound. 

A break above $0.16450 resistance and increased volume would strengthen the case for a bullish breakout. On the contrary, a failure to hold $0.13280 could lead to further declines.