June 15, 2024

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All Signs Prove Shiba Inu Is Ready For A Run; Here Is Why?

2 min read
All Signs Prove Shiba Inu Is Ready For A Run; Here Is Why?
  • SHIB’s price continues to struggle as price ranges in a descending triangle with a major breakout imminent. 
  • SHIB trades below key resistance as price ranges under 8 and 20-day EMA.
  • The price of SHIB struggles to flip key resistance into support, with eyes set on retesting a high of $0.00002.

Shiba Inu (SHIB), one of the most loved crypto memecoin winning the heart of many after a few months’ surge, could replicate this move. All indicators and patterns show that Shiba Inu’s price (SHIB) is long overdue for a rally to a region of $0.00002 and even high if bulls are willing to push this price to a new height despite the current market downtrend. Shiba Inu (SHIB) has had a favorable response as the prices of altcoins and the crypto market look to bounce from their key support areas, with SHIB’s price looking more stable for a major rally to $0.00002. (Data from Binance)

Shiba Inu (SHIB) Price Analysis On The Weekly Chart.

Despite struggling to break above $0.00012 in recent weeks, the price is rejecting a range-bound movement to trend higher to a region of $0.00002. SHIB’s price found its weekly support at $0.00000780 after the price dropped by over 70% in the past few months, as the current market has not given SHIB the space to trend. 

There is no doubt that the price of SHIB continues to show great signs of recovery, with much data indicating the SHIB army not letting go of the price as the belief that the effort to hold this coin, in the long run, would be rewarded with huge price gain and rallies as the bear market has proved tougher and challenging for many SHIB armies. 

After seeing its price retesting a weekly low of $0.00000780, the price of SHIB rallied in recent weeks to a region of $0.000013 but was rejected in an attempt to break higher for the price to trend. The price of SHIB has maintained a range-bound movement for some time now and could be set for a major rally. 

Weekly resistance for the price of SHIB – $0.000013-$0.00002.

Weekly support for the price of SHIB – $0.00000780.

Price Analysis Of SHIB On The Daily (1D) Chart

On the daily timeframe, the price of SHIB continues to look strong as the price aims to rally to a high of $0.00002 after a successful breakout from a descending triangle creating a more bullish scenario for the SHIB army to place more buy orders.

The price of SHIB currently trades at $0.00001134, just above the 8 and 20-day Exponential Moving Average (EMA). The price at $0.000011 corresponds to the price at 8 and 20-day EMA for SHIB on the daily timeframe.

SHIB’s price needs to reclaim this region of $0.000013 with good volume for the SHIB army to push the price higher to a region of $0.00002. The current market structure, price actions, and indicators show that SHIB’s rally to $0.00002 is imminent 

Daily resistance for the SHIB price – $0.00002.

Daily support for the SHIB price – $0.00001.

Featured Image From Zipmex, Charts From Tradingview