SHIB Price Prediction: Rise in Demand Pressure Sets Shiba Inu Price for 15% Rally

SHIB Price Prediction: Over the past two months, the Shiba Inu price has been resonating between the $0.0000117 and $0.0000098 levels, creating a narrow range. The coin price bounced four times from the overhead resistance and twice from the support level reflecting indecisiveness among market participants. Here’s how you may trade this memecoin amid market uncertainty.

 Key Points: 

• The Shiba Inu will remain sideways until the price is trapped within the $0.0000117 and $0.0000098 level
• A bullish divergence in the MACD indicator reflects a higher possibility for an upside breakout from range formation 
• The intraday trading volume of the Shiba Inu coin is $101.4 Million, showing a 41% loss.

Source- Tradingview

Amid the recent sell-off in the crypto market, the Shiba Inu price witnessed a significant correction in late April and plunged to local support of $0.0000098. Since last week, the coin price has been hovering above the aforementioned support trying to replenish the bullish momentum. 

By the press time, the SHIB price trades at $0.0000102 with an intraday gain of 0.39%. If the buyers manage to sustain above this support, the prices may trigger a new bull cycle within this range and surge the altcoin 15% higher to hit the $0.0000117 ceiling.

Also Read: 15 New Cryptocurrencies In Upcoming Binance Listing For 2023

Thus, for the altcoin to escape the sideway trade the price needs to breach either of the range level. 

A bullish breakout above the $0.0000117 will soar the price another 20% to reach the $0.000014 mark.

Conversely, a breakdown below $0.0000098 will prolong the downtrend by 23% down to $0.000008

Technical indicator

MACD: Contrary to sideways price action, the MACD(blue) and signal(orange) show an evident rise indicating growth in an underlying bullish trend and a better possibility for a $0.000017 breakout.

Bollinger Band: The SHIB price at the lower band of the Bollinger Band indicator encourages buyers for a bullish reversal.

Shiba Inu Price Intraday Levels

• Spot price: $0.00001027
• Trend: Bullish
• Volatility: High
• Resistance levels- $0.0000117 and $0.000014
• Support levels: $0.0000098 and $0.00000774