MEXCWhat’s Next For Shiba Inu Price After Reclaiming $0.00001 Mark?
August 8th, the Shiba Inu price showed a bullish engulfing candle on the flipped support trendline of a rising wedge pattern. The bullish candle with strong volume indicates the buyers have managed to sustain the new support, leading to a rally above $0.00001. Should you accumulate this memecoin or is it too late?
Also Read: Shiba Inu Price Shoots With Strong SHIB Burning, Binance Increases OTC Limits
Shiba Inu Price Daily Chart:
- Overhead supply at $0.0000105 resistance at a hint the SHIB price could witness a minor consolidation before the next leap.
- A bullish breakout from the $0.0000105 resistance could bolster SHIB price for a 12.8% rise
- The intraday trading volume of the Shiba Inu coin is $308.2 Million, showing a 4.5% loss.
Source- Tradingview
The Shiba Inu coin witnessed a significant inflow this week, leading to four days of consecutive recovery. This bullish jump recorded a 15.2% rally and reached the current price of $0.0000102.
However, the rising price has taken a halt at the last swing high of $0.0000105. A high wick attached to the daily candle reflects the overhead supply pressure is intact. After a significant price rally, a short consolidation is expected to absorb the build-up selling pressure.
Thus, the SHIB price could resonate below $0.0000105 before breaking this level for a leap higher. With sustained buying, the buyers should surge the prices 12.8% higher to hit $0.00001188.
Can SHIB Price Trigger a Correction Back to $0.0000088?
If the overhead supply rises, a breakdown below a minor support of $0.0000097 would reflect weakness in bullish momentum. This reversal may also develop in a bearish reversal pattern called double top. Under the influence of this pattern, the coin price could tumble to $0.0000088.
- Exponential Moving Average: The Shiba Inu price above 200-day EMA indicates the market sentiment is bullish.
- Average Directional Index: The daily ADX slope at 39% reflects that the buyers may soon run out of steam and therefore a pullback or consolidation is needed to replenish bullish momentum.
- BlockDAG Hype Surges as Coinbase and Kraken Listing Rumors Spread
- Bitget’s Institutional Volume Hits $23.1 Billion as UEX Framework Gains Global Momentum
- Breaking: Grayscale Joins Bitwise, Launches Solana ETF Covering Spot and Staking Features
- FOMC Meeting Today: Where to Watch and Key Expectations for Crypto Market
- Changpeng ‘CZ’ Zhao Confirms Defamation Lawsuit Plans Against Sen Elizabeth Warren
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
- HBAR Price Poised to Hit $0.30 as Canary Capital ETF Starts Trading.
- Will Solana Price Rally to $300 as Bitwise Launches $BSOL ETF?
- XRP Price Chart Patterns Hint at 2017-Style Breakout as Evernorth Acquires $1B XRP Ahead of Nasdaq Debut
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.
