Shiba Inu Price Surged 20%, But Will It Sustain?

Brian Bollinger
Updated
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Shiba Inu COin News: SHIB Price Tanks 5%, Here's Why More Selloff Coming Soon Shiba Inu Coin news

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.

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 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.

Shiba Inu price ChartSource- 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. 

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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.  

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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
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.