- SHIB’s price continues to struggle as price ranges in a descending triangle with a major breakout imminent.
- SHIB trades lower than key resistance when the price ranges of SHIB are less than 8 and 20 days EMA.
- SHIB is struggling to convert key resistance into support. SHIB has its sights set on reaching a $0.00002 high.
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 Price Analysis on The Weekly Chart
Although the price failed to breach $0.00012 during recent weeks, it has rejected a trend that would allow it to rise to $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.
The price of SHIB is showing great signs of recovery. Many data shows that SHIB soldiers are not willing to let go of this price. They believe they will be rewarded for their efforts in holding the currency.
SHIB saw its weekly low at $0.00000780 retraced. The price has since rallied to $0.000013, but it was rejected as a trend. SHIB is expected to rally after a prolonged period of range-bound price movement.
Weekly resistance for the price of SHIB – $0.000013-$0.00002.
Weekly support for the price of SHIB – $0.00000780.
Pricing Analysis of SHIB on the Daily (1D) Chart
SHIB’s price continues to be strong in the daily timeframe. After a breakout from the descending triangle, which created a more bullish environment for SHIB Army to place additional buy orders, it aims at a rally to $0.00002.
SHIB’s current price is $0.00001134. This value is just below the Exponential Moving Average (EMA) of 8 and 20 days. SHIB currently trades at $0.000011, which corresponds with the 8 and 20-day EMAs for the day.
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 by Tradingview