Shiba Inu Price Analysis: Will SHIB Price Reclaim $0.00001 In May?

Amid the current uncertainty in the market, Shiba Inu price is receiving aggressive selling pressure from a downsloping resistance trendline. The dynamic trendline continues to pressurize the buyers and restrict the SHIB coin’s price spread in a narrow range. However, the 4-hour time frame chart, price offered a decisive breakout from trendline as an early sign of price recovery. Can this memecoin restore its bullish momentum?

Also Read: Top 10 New Meme Coins With The Best Potential In 2023

Key Points: 

• The resistance trendline breakout sets the Shiba Inu price for a 14% rise
• The potential rally may face a significant hurdle at the $0.00000917 mark
• The intraday trading volume of the Shiba Inu coin is $81.7 Million, showing a 19% loss.

Source- Tradingview

With an intraday gain of 3%, the Shiba Inu price shows a massive breakout from a two-week-long resistance trendline. This breakout could offer buyers a significant footing to climb higher levels and trigger a new recovery cycle.

By the press time, the SHIB price trades at the $0.00000877 mark, and its sustainability above the breached trendline will drive the coin 4.5% higher to hit the $0.00000916 immediate resistance. The aforementioned resistance will pose a significant threat to coin buyers as it may prolong a sideways trend in Shib.

Therefore, a potential breakout above the $0.00000916 ceiling will intensify the buying momentum and may raise the memecoin another 7-9% to reach $0.00000977 or $0.00001 respectively. 

Shiba Inu Technical Analysis

• Relative Strength Index: The rising RSI slope of the 4-hour chart reflects underlying buying pressure in Shiba Inu price is rising which supports the potential growth.
• Exponential Moving Average: The 20-and-50-day EMAs reclaimed with the recent price surge may offer additional confirmation for a price rally.

Will Shiba Inu Price Hit $0.00001 Mark In May?

With the current price of $0.0000087, the Shiba Inu price would need a 14% rise to $0.00001. The aforementioned trendline breakout may gradually assist buyers to reach $0.00001 but depending on the market’s negative sentiment it could delay beyond May month. However, the trades must remain cautious of the mid-resistance at $0.00000916.