Shiba Inu price analysis: The price of SHIB increased by 0.7% in the last 24 hours to trade around $0.00001669 during European business hours on Wednesday. The uptick in price comes amid a general market upturn caused by Bitcoin price recovery. Shiba Inu was one of the most affected crypto assets during Bitcoin’s crash in price.
Shiba Inu Price Analysis: Hints Pain Before Profit
SHIB’s price broke out of a descending triangle on June 14, dropping all the way to $0.00001266. Nevertheless, following the general market recovery, the meme coin is up 32% from its recent low.
The Shiba Inu coin price action is trending below the 2-day, 50-day, and 200-day simple moving averages (SMA), which is not bullish for the asset. Right below the recent low is a zone of market imbalance that must be filled before the asset’s price can fully engage a reversal.
The price action of SHIB is near the 21-day SMA, which has been acting as a resistance level for the past 33 days. A break above this indicator may result in further upside movement to the 200-day and 50-day SMA, which are clustered together. As such, the Shiba Inu price prediction shows that $0.0000168 to $0.0000195 may be one of the toughest resistance zones the SHIB price may face. A break above this zone may catapult the SHIB price to $0.0000336, with further occasional resistance around $0.0000236 and $0.00002998.
To fill the fair value gap (FVG) around $0.000011, SHIB price may have to drop by 30% from its current price. However, the sooner Shiba Inu clears this zone of market imbalance, the sooner the crypto asset can begin moving to the upside. A key support area to watch for is $0.00001361
Technical Indicators Show Growing Bullish Strength for SHIB Price
The relative strength index (RSI 14) is at 44.4 and rising. This indicates market participants are bullish and the price may continue moving higher. However, the RSI is still below the mid-point level, which is critical for confirming a bullish dominance in the uptrend.
The Chaikin money flow (CMF) just crossed above the zero line, indicating that bullish pressure is starting to dominate.
The main selling points for Shiba Inu at the moment are the ongoing token burns and the growing Shibarium ecosystem.
In further developments, the Shiba Inu lead developer, who goes by the pseudonym “Shytoshi Kusama,” is planning to leave the project.
@Shibtoken @treatsforShib @kaaldhairya A quick recap and forward marching orders. #India #Kyoto #IVS pic.twitter.com/Ba6bpOzKMi
— Shytoshi Kusama™ (@ShytoshiKusama) July 9, 2024
He mentioned that he would eventually take a step back from the project’s spotlight, following in the footsteps of his predecessor and Shiba Inu founder, Ryoshi.
Bottom Line
Shiba Inu’s price analysis suggests a challenging period ahead for the popular meme coin. Investors may need to brace for short-term volatility and potential downward pressure before significant upward movement occurs. This phase may test the holders’ resolve before a recovery and profit-taking opportunity emerge.
Frequently Asked Questions (FAQs)
The price of Shiba Inu can be influenced by factors such as market demand, overall market trends, news and announcements, regulatory changes, and developments within the Shiba Inu project.
Shiba Inu can be bought on various cryptocurrency exchanges such as Binance, Coinbase, Kraken, and others. You need to create an account on one of these platforms, deposit funds, and then trade for SHIB.
Yes, when buying Shiba Inu, you may encounter fees such as transaction fees, exchange fees, and withdrawal fees, depending on the platform you use.
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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.