Shiba Inu Price Bullish Reversal, Eyes Pointing To Hit $0.000030?
Highlights of history
Shiba Inu prices are up ~33% this month. SHIB Memecoin forms a bullish flag in the daily timeframe. The EMA 50/200-day and MACD indicators register mixed price sentiment.
Bitcoin price recorded a new ATH today. However, the memecoin market experienced mixed price action with top memecoins experiencing a significant correction in their respective valuations.
With the current market sentiment, is this memecoin setting up for a strong rally? Or will the price lose momentum and drop to lower support levels? In this article we have covered the 2nd largest memecoin short term price options.
SHIB Memecoin Forms a Flag Pattern!
With a 24-hour trading volume of 1.193 billion dollars, the price of the Shiba Inu recorded a correction of 1.58% in the assessment. With this, SHIB memecoin has created a flag in the daily time frame.
Taking a long-term view, this meme coin has risen 31.04% in the last 30 days and has returned 137.86% year-to-date (YTD). It ranks 12th in the market with a capitalization of $14.494 billion.
Shiba Inu technical feelings
The EMA 50/200-day has shown a steady rise after registering a golden cross on the daily time frame. This indicates a positive outlook for the meme coin in the future.
However, the Moving Average Convergence Divergence (MACD) on the SHIB price chart is constantly declining and the averages are about to experience a confluence, suggesting mixed price sentiment for the Shiba Inu token in the market.
How high is SHIB Meme coin?
If the bulls rise again above the support level of $0.00002350, the Shiba Inu price will move towards the resistance level of $0.00003080. In addition, if the bullish sentiment strengthens, this memecoin can retest the high resistance level of $0.00003800.
Conversely, if the bears take control, SHIB coin price may retest the support level at $0.00002350. Moreover, if the bears outnumber the bulls, the Shiba Inu price will drop to the next low support level at $0.0000170.
Curious if this memecoin will issue one more zero soon. Read CoinPedia's Shiba Inu price forecast and subscribe to keep up with the latest crypto news!
Questions to be asked
With a ~2% intraday discount, SHIB is worth $0.00002459.
It is very impossible for Shiba Inu memecoin to hit the $1 mark.
If bullishness continues, this memecoin could reach $0.00006392 by 2025.
