SHIB Price Prediction: Shiba Inu Price Back at Multi-Month Support Plots 20% Rise

SHIB Price Prediction: The Shiba Inu price has witnessed a significant correction since Mid-April when the price dropped from $0.0000117 high to the current price of $0.00000997 registering a 16% loss. As of now, the coin price hovering above $0.0000098 support witnessing significant demand pressure for a bullish reversal; Can the SHIB price kickstart a new recovery from here?

 Key Points: 

• The weekly MACD indicator flattish reflects a sideway trend
• A bullish reversal candle called hammer at $0.00001 psychological support hints at signs of a bullish recovery.
• The intraday trading volume of the Shiba Inu coin is $121.4 Million, showing a 91% gain.

Source- Tradingview

With a 1% intraday drop, the Shiba Inu price continues to downward walk to revisit the range support of $0.0000082. This support level has prevented the coin price to fall lower for nearly two months and now changed its direction sideways.

Thus, the Shiba Inu price has been consolidating between the $0.0000117 and $0.00001 levels creating a narrow range. In the daily time frame chart, this memecoin shows a long-tail rejection candle at a $0.00001 support indicating a possibility of a bullish reversal. 

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A reverse from the range support will more likely push the SHIB price to the other end, suggesting a potential gain of 20% to $0.0000117. 

Despite this potential recovery, the buyers may face significant supply pressure at between resistance of 0.0000107.

Anyhow, a breakout beyond the extremes of this range will determine the future trend.

Technical indicator

Relative Strength Index: Concerning the price low on 10th March at $0.00001 support, the daily RSI slope shows a higher low indicating the rising buying pressure in the market.

Exponential Moving Average: The SHIB price trading below the daily EMA(20, 50, 100, and 200) projects the potential rally may face multiple resistances.

Shiba Inu Price Intraday Levels

• Spot price: $0.0000998
• Trend: Bearish
• Volatility: High
• Resistance levels- $0.0000107 and $0.0000117
• Support levels: $0.00001 and $0.00000875