Shiba 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