Shiba Inu Struggle Continues As Altcoins Rally With Over 70% Gain; Here Is Why

  • SHIB’s price shows much strength after breaking out from its long-range channel movement.  
  • SHIB trades with high volume. The price looks to move past $0.0000135 and out of a range channel. 
  • SHIB’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA) but faces resistance at 200 EMA.

The price of Shiba Inu(SHIB), which rallied after DOGE’s price rally of over 1500%, showed great price action. Although the Shiba Inu’s (SHIB), price attempted to duplicate this rally after it broke away from its long-range movement but has since fallen. There has been some relief in the crypto market, as Bitcoin (BTC), which is showing huge traction and rallying, continues to drag it. Shiba Inu’s price (SHIB) is calmer in terms of price movement. Data from Binance

Shiba Inu’s (SHIB), Price Analysis For The Weekly Chart

Altcoins continued to see over 2000% growth in recent weeks, despite breaking away from their range-bound movements. Many believe that more hope is now settling in crypto. 

Altcoins are looking more positive in this week’s new week. A MASK rallied over 2000% in 7 days. It shows the volume and price action for buy orders. SHIB is still not at the level of expectations.

SHIB’s price has fallen from $0.00008 just a month ago. This has caused many to feel euphoric, much like the other memecoins. 

SHIB traded at $0.00000850 for the week chart. It quickly bounced back to an area of $0.000015 where it was then rejected and moved to $0.000011.

Weekly resistance for the price of SHIB – $0.000014.

Weekly support for the price of SHIB – $0.000011.

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

Source: SHIBUSDT on| Source: SHIBUSDT On

The price of SHIB is still strong in the daily time frame. It holds higher than the channel that it broke out from as bulls defend the region against bears taking control of prices. This pushes the price back within its range.   

SHIB trades currently at $0.0000119. This is just below its key support for the daily timeframe, which was formed after breaking out from its range channel with volume. 

The price of SHIB continues to look strong as it holds above the range channel after its breakout; SHIB’s price needs to reclaim $0.0000145 to ignite any relief; trading close to the range channel is not a good sign for SHIB prices.  

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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