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) $ 41,064.00
ethereum
Ethereum (ETH) $ 2,202.88
tether
Tether (USDT) $ 0.999397
bnb
BNB (BNB) $ 241.93
xrp
XRP (XRP) $ 0.61646
solana
Solana (SOL) $ 69.86
usd-coin
USDC (USDC) $ 0.992267
staked-ether
Lido Staked Ether (STETH) $ 2,208.48
cardano
Cardano (ADA) $ 0.544622
dogecoin
Dogecoin (DOGE) $ 0.094342
avalanche-2
Avalanche (AVAX) $ 36.82
tron
TRON (TRX) $ 0.10329
polkadot
Polkadot (DOT) $ 6.62
chainlink
Chainlink (LINK) $ 14.67
matic-network
Polygon (MATIC) $ 0.832907
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 41,018.99
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.999986
litecoin
Litecoin (LTC) $ 72.11
uniswap
Uniswap (UNI) $ 6.01
bitcoin-cash
Bitcoin Cash (BCH) $ 228.98
leo-token
LEO Token (LEO) $ 3.94
stellar
Stellar (XLM) $ 0.12303
okb
OKB (OKB) $ 57.63
monero
Monero (XMR) $ 171.36
ethereum-classic
Ethereum Classic (ETC) $ 19.96
cosmos
Cosmos Hub (ATOM) $ 9.70
true-usd
TrueUSD (TUSD) $ 0.999086
kaspa
Kaspa (KAS) $ 0.118491
crypto-com-chain
Cronos (CRO) $ 0.098097
immutable-x
Immutable (IMX) $ 1.97
hedera-hashgraph
Hedera (HBAR) $ 0.06994
internet-computer
Internet Computer (ICP) $ 5.17
near
NEAR Protocol (NEAR) $ 2.24
filecoin
Filecoin (FIL) $ 4.59
aptos
Aptos (APT) $ 7.72
optimism
Optimism (OP) $ 2.26
injective-protocol
Injective (INJ) $ 23.85
lido-dao
Lido DAO (LDO) $ 2.26
vechain
VeChain (VET) $ 0.026965
bittensor
Bittensor (TAO) $ 315.61
mantle
Mantle (MNT) $ 0.577001
thorchain
THORChain (RUNE) $ 5.80
elrond-erd-2
MultiversX (EGLD) $ 61.36
quant-network
Quant (QNT) $ 110.55
algorand
Algorand (ALGO) $ 0.193161
celestia
Celestia (TIA) $ 10.53
the-graph
The Graph (GRT) $ 0.157205
binance-usd
BUSD (BUSD) $ 1.01
havven
Synthetix Network (SNX) $ 4.43
render-token
Render (RNDR) $ 3.85
arbitrum
Arbitrum (ARB) $ 1.09
aave
Aave (AAVE) $ 90.63
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,413.81
blockstack
Stacks (STX) $ 0.907432
maker
Maker (MKR) $ 1,380.99
bittorrent
BitTorrent (BTT) $ 0.000001
wemix-token
WEMIX (WEMIX) $ 3.45
flow
Flow (FLOW) $ 0.759884
kucoin-shares
KuCoin (KCS) $ 11.31
first-digital-usd
First Digital USD (FDUSD) $ 1.00
the-sandbox
The Sandbox (SAND) $ 0.503813
theta-token
Theta Network (THETA) $ 1.04
terra-luna
Terra Luna Classic (LUNC) $ 0.000178
fantom
Fantom (FTM) $ 0.357822
ordinals
ORDI (ORDI) $ 46.03
bitcoin-sv
Bitcoin SV (BSV) $ 48.30
axie-infinity
Axie Infinity (AXS) $ 7.05
decentraland
Decentraland (MANA) $ 0.483596
gala
GALA (GALA) $ 0.030048
eos
EOS (EOS) $ 0.760765
neo
NEO (NEO) $ 11.74
iota
IOTA (IOTA) $ 0.269878
beam-2
Beam (BEAM) $ 0.017769
mina-protocol
Mina Protocol (MINA) $ 0.804672
whitebit
WhiteBIT Coin (WBT) $ 5.67
klay-token
Klaytn (KLAY) $ 0.23688
kava
Kava (KAVA) $ 0.762809
tezos
Tezos (XTZ) $ 0.865639
usdd
USDD (USDD) $ 0.990604
bonk
Bonk (BONK) $ 0.000011
bitget-token
Bitget Token (BGB) $ 0.487082
cheelee
Cheelee (CHEEL) $ 12.58
xdce-crowd-sale
XDC Network (XDC) $ 0.048334
ecash
eCash (XEC) $ 0.000034
frax-ether
Frax Ether (FRXETH) $ 2,192.66
frax
Frax (FRAX) $ 1.00
frax-share
Frax Share (FXS) $ 8.57
tokenize-xchange
Tokenize Xchange (TKX) $ 8.08
helium
Helium (HNT) $ 4.49
sui
Sui (SUI) $ 0.623695
chiliz
Chiliz (CHZ) $ 0.082469
pancakeswap-token
PancakeSwap (CAKE) $ 2.41
gatechain-token
Gate (GT) $ 4.60
conflux-token
Conflux (CFX) $ 0.172686
pyth-network
Pyth Network (PYTH) $ 0.407622
curve-dao-token
Curve DAO (CRV) $ 0.652899
apecoin
ApeCoin (APE) $ 1.61
illuvium
Illuvium (ILV) $ 97.14
pepe
Pepe (PEPE) $ 0.000001