What’s Next For Shiba Inu Price After Reclaiming $0.00001 Mark?

Published 4 hours ago

August 8th, the Shiba Inu price showed a bullish engulfing candle on the flipped support trendline of a rising wedge pattern. The bullish candle with strong volume indicates the buyers have managed to sustain the new support, leading to a rally above $0.00001. Should you accumulate this memecoin or is it too late?

Also Read: Shiba Inu Price Shoots With Strong SHIB Burning, Binance Increases OTC Limits

Shiba Inu Price Daily Chart: 

  • Overhead supply at $0.0000105 resistance at a hint the SHIB price could witness a minor consolidation before the next leap.
  • A bullish breakout from the $0.0000105 resistance could bolster SHIB price for a 12.8% rise
  • The intraday trading volume of the Shiba Inu coin is $308.2 Million, showing a 4.5% loss.

Shiba Inu PriceSource- Tradingview

The Shiba Inu coin witnessed a significant inflow this week, leading to four days of consecutive recovery. This bullish jump recorded a 15.2% rally and reached the current price of $0.0000102.

However, the rising price has taken a halt at the last swing high of $0.0000105. A high wick attached to the daily candle reflects the overhead supply pressure is intact. After a significant price rally, a short consolidation is expected to absorb the build-up selling pressure.

Thus, the SHIB price could resonate below $0.0000105 before breaking this level for a leap higher. With sustained buying, the buyers should surge the prices 12.8% higher to hit $0.00001188. 

Can SHIB Price Trigger a Correction Back to $0.0000088?

If the overhead supply rises, a breakdown below a minor support of $0.0000097 would reflect weakness in bullish momentum. This reversal may also develop in a bearish reversal pattern called double top. Under the influence of this pattern, the coin price could tumble to $0.0000088.

  • Exponential Moving Average: The Shiba Inu price above 200-day EMA indicates the market sentiment is bullish.
  • Average Directional Index: The daily ADX slope at 39% reflects that the buyers may soon run out of steam and therefore a pullback or consolidation is needed to replenish bullish momentum.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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.

Source: https://coingape.com/markets/whats-next-for-shiba-inu-price-after-0-00001/