Shiba Inu Gains 15% As Price Breaks Out Of Range; Will Price Perform Like DOGE?

  • SHIB’s price shows strength as it bounces from a downtrend range price rallied to a high of $0.0000122 with eyes set on $0.0000135. 
  • SHIB could rise more as bullish bias in the market creates. A break out from its channel of support with volume high enough to sustain the SHIB army, could lead to a price increase upto $0.0000135 
  • SHIB’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

This bear market has been hard on the Shiba Inu’s (SHIB) price. The price suffered so much in the six-months that it is now at its lowest point. As many altcoins keep delivering over 30% gains, the crypto market looks more welcoming. DOGE, a crypto-currency that is often referred to by the DOGE father, has enjoyed some impressive rallies. It rose from $0.055 (the lowest price) to $0.1 during recent events. Many speculate if Shiba inu (SHIB), can take DOGE’s footsteps. (Data taken from Binance).

Shiba Inu, (SHIB), Price Analysis on the Weekly Chart.

SHIB has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of SHIB hasn’t enjoyed a measure of relief after showing so much strength on the weekly to how its key support zone of around $0.00000850.

SHIB’s price rose to $0.00004 after which it was rejected by investors. The price is now in the region of $0.00007. It has struggled to remain afloat considering the challenges the crypto market has presented recently.

SHIB’s price fell to $0.00000800 following rejection of the high price of $0.00004. The SHIB market price rose from this region to $0.000017 where it was rejected and placed into a range channel. 

Weekly resistance for the price of SHIB – $0.00002.

Weekly Support for the price of SHIB – $0.00000800.

Comparison of SHIB Prices on a Daily (1D), Chart

Source: SHIBUSDT On| Source: SHIBUSDT On

SHIB’s daily price continues to be strong, as it narrowly breaks out of its range. It has been there for the past few day. 

SHIB is currently trading at $0.00001220. Its key support at 50 EMA has formed after the formation of a channel. As price strengthens, it will break out in a rally.  

SHIB’s price must remain above $0.000012 to allow it to trend higher, to an area of $0.000013 and perhaps $0.00002. This is the key supply zone of most traders. 

Daily resistance for the SHIB price – $0.000013.

Daily Support for the SHIB price – $0.00000950.

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