Shiba Inu Could Rally Another 10% Upon Surpassing This Price Level

0 5

The price of Shiba Inu has been consolidating, leading to a downward trend. In the last 24 hours, SHIB has lost 2% of its value, and there has been limited movement on the weekly chart. This indicates a decrease in buying interest and an increase in selling pressure.

The market for SHIB appears oversold, but there is still a possibility of a price recovery if buyers step in. A small increase in buying activity could result in a significant appreciation of SHIB over the next trading sessions.

Moreover, there are bullish signals suggesting a potential breakout. The price movements of altcoins, including SHIB, have been similar to Bitcoin, which is currently experiencing uncertainty.

For SHIB to see positive momentum, a shift towards a more optimistic buying sentiment is necessary. However, it is worth noting that the market capitalization of SHIB has decreased, indicating that sellers currently have control over the asset’s price.

Shiba Inu Price Analysis: One-Day Chart

Shiba Inu

knife

At the time of writing, SHIB was priced at $0.000008, trading near its resistance level of $0.000009. Prior to reaching $0.000009, the coin may face a minor resistance at $0.0000088. A symmetrical triangle pattern has formed for SHIB, indicating a bullish signal.

If SHIB successfully surpasses the $0.0000088 level, it could experience an upward breakout from the triangle, potentially reaching $0.0000096. This would result in a significant rally of over 10% for the coin.

Conversely, a decline from the current price would push SHIB down to $0.0000084, leading to a considerable loss. The recent session showed a decrease in trading volume for SHIB, indicating low buying strength.

Technical Analysis

Shiba Inu

Throughout most of this month, SHIB has experienced increased selling pressure. The Relative Strength Index (RSI) dropped below the 20-mark, indicating an oversold condition due to a significant decrease in demand.

If SHIB manages to surpass immediate resistance levels, buyers may reenter the market. Similarly, the coin’s price fell below the 20-Simple Moving Average (SMA) line, suggesting that sellers were driving the market’s momentum.

Furthermore, a bearish signal was observed as the 200-SMA (green) crossed over the 50-SMA (yellow), forming a death cross pattern. A death cross typically signifies a downward price movement.

Shiba Inu

Confirming the bearish indications, the meme-coin showed sell signals. The Moving Average Convergence Divergence (MACD) which indicates price momentum and trend reversals exhibited red histograms which are associated with the sell signals.

Related Reading: The Aura Around PEPE Isn’t Good For The Market, Especially Bitcoin – Here’s Why

Conversely, the Chaikin Money Flow (CMF) remained positive, with the indicator above the half-line. This indicated that there were more capital inflows than outflows at the time of writing.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 69,755.69
ethereum
Ethereum (ETH) $ 3,534.43
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 612.33
solana
Solana (SOL) $ 184.02
staked-ether
Lido Staked Ether (STETH) $ 3,521.47
xrp
XRP (XRP) $ 0.614585
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.213519
cardano
Cardano (ADA) $ 0.640036
avalanche-2
Avalanche (AVAX) $ 53.33
shiba-inu
Shiba Inu (SHIB) $ 0.000031
the-open-network
Toncoin (TON) $ 4.82
polkadot
Polkadot (DOT) $ 9.41
bitcoin-cash
Bitcoin Cash (BCH) $ 592.05
chainlink
Chainlink (LINK) $ 18.85
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,770.69
tron
TRON (TRX) $ 0.119754
uniswap
Uniswap (UNI) $ 12.61
matic-network
Polygon (MATIC) $ 0.988652
internet-computer
Internet Computer (ICP) $ 17.41
near
NEAR Protocol (NEAR) $ 6.98
litecoin
Litecoin (LTC) $ 98.15
aptos
Aptos (APT) $ 17.11
leo-token
LEO Token (LEO) $ 6.07
blockstack
Stacks (STX) $ 3.52
filecoin
Filecoin (FIL) $ 9.62
dai
Dai (DAI) $ 1.00
cosmos
Cosmos Hub (ATOM) $ 12.13
ethereum-classic
Ethereum Classic (ETC) $ 32.06
arbitrum
Arbitrum (ARB) $ 1.64
immutable-x
Immutable (IMX) $ 2.96
render-token
Render (RNDR) $ 10.94
stellar
Stellar (XLM) $ 0.141384
crypto-com-chain
Cronos (CRO) $ 0.151907
hedera-hashgraph
Hedera (HBAR) $ 0.113516
okb
OKB (OKB) $ 63.33
the-graph
The Graph (GRT) $ 0.400212
mantle
Mantle (MNT) $ 1.17
optimism
Optimism (OP) $ 3.63
dogwifcoin
dogwifhat (WIF) $ 3.56
bittensor
Bittensor (TAO) $ 530.23
fetch-ai
Fetch.ai (FET) $ 3.23
vechain
VeChain (VET) $ 0.045363
maker
Maker (MKR) $ 3,539.79
pepe
Pepe (PEPE) $ 0.000008
injective-protocol
Injective (INJ) $ 36.96
kaspa
Kaspa (KAS) $ 0.135612
thorchain
THORChain (RUNE) $ 9.07
theta-token
Theta Network (THETA) $ 2.93
fantom
Fantom (FTM) $ 0.983455
arweave
Arweave (AR) $ 40.95
sui
Sui (SUI) $ 2.09
first-digital-usd
First Digital USD (FDUSD) $ 1.01
celestia
Celestia (TIA) $ 14.69
lido-dao
Lido DAO (LDO) $ 2.82
monero
Monero (XMR) $ 135.33
gala
GALA (GALA) $ 0.064714
floki
FLOKI (FLOKI) $ 0.000241
sei-network
Sei (SEI) $ 0.835321
algorand
Algorand (ALGO) $ 0.270452
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,889.97
flow
Flow (FLOW) $ 1.35
quant-network
Quant (QNT) $ 134.60
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,605.48
aave
Aave (AAVE) $ 126.10
bitcoin-sv
Bitcoin SV (BSV) $ 94.83
beam-2
Beam (BEAM) $ 0.03513
conflux-token
Conflux (CFX) $ 0.47497
bonk
Bonk (BONK) $ 0.000027
singularitynet
SingularityNET (AGIX) $ 1.36
wrapped-eeth
Wrapped eETH (WEETH) $ 3,654.38
jupiter-exchange-solana
Jupiter (JUP) $ 1.25
elrond-erd-2
MultiversX (EGLD) $ 59.83
dydx-chain
dYdX (DYDX) $ 3.44
bittorrent
BitTorrent (BTT) $ 0.000002
ribbon-finance
Ribbon Finance (RBN) $ 1.67
starknet
Starknet (STRK) $ 2.17
havven
Synthetix Network (SNX) $ 4.82
the-sandbox
The Sandbox (SAND) $ 0.699103
axie-infinity
Axie Infinity (AXS) $ 10.89
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,536.57
ethena-usde
Ethena USDe (USDE) $ 1.00
bitget-token
Bitget Token (BGB) $ 0.99833
tezos
Tezos (XTZ) $ 1.42
ordinals
ORDI (ORDI) $ 65.18
worldcoin-wld
Worldcoin (WLD) $ 8.30
ecash
eCash (XEC) $ 0.000069
pyth-network
Pyth Network (PYTH) $ 0.889311
mina-protocol
Mina Protocol (MINA) $ 1.23
gatechain-token
Gate (GT) $ 9.82
chiliz
Chiliz (CHZ) $ 0.144413
axelar
Axelar (AXL) $ 2.08
ondo-finance
Ondo (ONDO) $ 0.880095
flare-networks
Flare (FLR) $ 0.034189
apecoin
ApeCoin (APE) $ 2.00
decentraland
Decentraland (MANA) $ 0.670945
eos
EOS (EOS) $ 1.09
ronin
Ronin (RON) $ 4.04
whitebit
WhiteBIT Coin (WBT) $ 8.44