Can SHIB Hit $0.000036 This Week?

Shiba Inu Coin Price Forecast: The crypto market doldrums spilled into the week as the impact of Bitcoin’s halving over the weekend quickly faded. Shiba Inu Coin gained as much as 24% on Sunday but stalled under $0.000028 mirroring Bitcoin price ascend above $60,000.

After a couple of days characterized by price consolidation, SHIB looks poised to move higher, with a potential breakout targeting the $0.000036 level.

The second-largest meme coin hovers at $0.00002748 during US business hours on Tuesdays. It is up by almost 3% in the last 24 hours, on top of a subsequent 1.5% increase in the market cap to $16.31 billion. Shiba Inu coin ranks #11 among other cryptos, according to coin aggregator, CoinMarketCap.

Shiba Inu Coin Price Forecast: Is SHIB Poised For 30% Move

Shiba Inu Coin price performance has in the last several weeks suffered a great deal recording a significant drop from $0.00004563 — the 2024 high and testing $0.00002 support.

The decline, however, reflects the general outlook of the crypto market, with the downturn in prices across the board. Amid the geopolitical tensions in West Asia, Bitcoin peaked above $70,000 again before plummeting to $60,000 in April.

In the wake of the Bitcoin halving, investors are looking forward to a supply disruption followed by a parabolic rally likely to impact the rest of the crypto market toward the end of the year.

Traders looking out for further price increases in Shiba Inu, which has recovered from April’s lows around $0.00002 to $0.000078, may want to know about the immediate support in the grey band, as shown on the chart.

The 20-day Exponential Moving Average (EMA) reinforces the above support approximately at $0.000026. Below the same level are the 200-day EMA and the 50-day EMA — all in line to prevent further losses.

On the other hand, SHIB price is battling for a break above the descending black trendline. More traders would increase their risk appetite if SHIB validates above this level, in turn, contributing to upward momentum.

The Moving Average Convergence Divergence (MACD) indicator must revalidate the buy signal in the four-hour range. As the MACD line in blue flips above the red signal line, the path of the least resistance will remain on the upside.

The key levels for traders to watch in the short term are the potential breakout above the resistance trend line (black) and the formation of new support above $0.000028. Key targets in the short-term to medium-term are the yellow band at $0.00003, the red band at $0.000032, and the higher resistance at $0.000036.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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.