NewsletterShiba Inu Price Surged 20%, But Will It Sustain?
The Shiba Inu price skyrockets after the recent bullish breakout of the consolidation range between $0.0000104 and $0.00000955. Amid the strong recovery in memecoins, the SHIB prices witnessed a recovery rally reaching the bearish outpost of $0.0.000015. Currently, the recovery rally shows higher price rejection but might shortly give a pullback opportunity.
Key points:
- The bullish rally challenges the bearish ceiling at $0.000014.
- The daily-RSI slope approaches the overbought boundary.
- The intraday trading volume of the Shiba Inu coin is $1.8 Billion, showing a 167% gain.
Source- Digitalcoinprice
With the fast-recovery Dogecoin, Shiba Inu joins the rally in meme coins as Billionaire Elon Musk takes over Twitter. Along with a positive week in the U.S. markets, the recovery rally in the crypto world continues with increasing demand for altcoins.
Shiba Inu price booms to reach the $0.000015 mark after beating the crucial EMAs(20, 50, and 100) and a jump of 48% last week. In hindsight, the bullish breakout of the consolidation between $0.0000104 and $0.00000955 gaslighted the rally by unleashing the trapped momentum.
Furthermore, the rising trend in the trading volume supports the recent recovery rally adding more points to the uptrend continuation possibility.
Currently, the altcoin trades at $0.000014 with an intraday growth of 19.5% and a higher price rejection from $0.000015. Therefore, if the selling pressure increases from the overhead resistance at $0.000015, the compressing prices will retest the 0.382 Fibonacci retracement level at $0.0000128 or 0.5 FIB level at the $0.00001225 mark.
On a bullish note, if the buying pressure sustains during the correction phase, the Shiba Inu price will breach the overhead resistance, offering an entry opportunity. Thus, a daily candle closing above $0.000015 could drive the prices higher to $0.000016.
Technical indicator
Relative strength index: the daily-RSI slope surged into the overbought territory, reflecting a need for a price correction to stabilize the bull run.
DMI- The bullish gap between the DI lines increases with the weekly recovery, reflecting an increase in the underlying bullishness.
Shiba Inu price intraday levels
- Spot price: $0.000014
- Trend: Bullish
- Volatility: low
- Resistance levels- $0.000015 and $0.000015
- Support levels: $0.0000014 and $0.0000128
- Expert Predicts Further Downside For Bitcoin As Fear and Greed Index Drops To 10
- Solana and XRP ETFs Attract Fresh Inflows Even as Crypto Market Falls
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- Litecoin Price: With a 12% Surge and Pearson BTC Correlation at –0.01, Is LTC Gearing Up for $125?
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
