Shiba Inu (SHIB) Plays Catchup With DOGE; Will Bulls Push For $0.00002?

  • SHIB’s price shows strength as it continues its rally, with eyes set on a high of $0.00002 as the price tends to mimic DOGE. 
  • SHIB might rally more if it creates a bullish bias in the market and remains above its range channel, after a successful breakout.
  • SHIB’s price remains strong on all timeframes as the price trades above the 50 Exponential Moving Average (EMA).

As it leads the charge in memecoin rallies, the price action of Shiba Inu has been very similar to that of DOGE. Although the price of Shiba Inu (SHIB) has been under the shadow of DOGE, that hasn’t neglected the fact that the price has had a good run. This run could be extended with uncertainty in the cryptocurrency market. (Data from Binance).

Shib Inu, (SHIB), Price Analysis On The Weekly Chart

Many altcoins are continuing to show over 150% growth over the 7 days since they broke out of rangebound movements. This is making crypto markets look more inviting. DOGE and its counterpart SHIB have had some impressive rallies.

Many altcoins struggled to maintain their support areas over the past week. The crypto market is now looking brighter and Bitcoin (BTC), prices are gaining momentum. However, this does not mean that the next month will be any easier as prices start to change.

SHIB’s weekly close was above $0.00001. The price rose to $0.00001300. However, it faced minor rejection to rise to $0.000015. This price didn’t break through this area.

SHIB prices have maintained their bullish structure over the $0.000012 area as SHIB price eyes a rally into the region $0.000018-$0.00002.

Weekly resistance for the price of SHIB – $0.000018-$0.00002.

Weekly support for the price of SHIB – $0.000012.

Pricing Analysis of SHIB on the Daily (1D) Chart

Source: SHIBUSDT On| Source: SHIBUSDT On

The price of SHIB remained strong in the daily time frame. It held higher than its range channel and provided strong support for sellers to keep the price down.

SHIB trades currently at $0.00001290. This is just below its support at $0.00001 following its breakout from the range channel that saw good volume and price attempts to imitate DOGE. 

SHIB’s price must rise to $0.000014 to continue rallies towards $0.00002 

Daily resistance for the SHIB price – $0.000014.

Daily support for the SHIB price – $0.000011.

Featured image from zipmex. Charts From Tradingview

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