SHIB’s price shows strength as it bounces from a downtrend range price rallied to a high of $0.0000122 with eyes set on $0.0000135.
SHIB could rally more as the price creates more bullish bias breaking out of its range channel with good volume as SHIB army could push the price to $0.0000135.
SHIB’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.
The price of Shiba Inu (SHIB)has had a tough time dealing with this current bear market, with the price suffering so much decline in the past six months. The crypto market is looking increasingly welcoming as many altcoins continue producing over 30% gains. The likes of DOGE have seen some great runs in recent times rallying from a low of $0.055 to a high of $0.1 after the news broke out of Elon Musk taking over Twitter, considering he is referred to as DOGE father. This has affected DOGE positively, with many speculating if Shiba Inu (SHIB) can follow in the footstep of DOGE. (Data from Binance)
Shiba Inu (SHIB) Price Analysis On The Weekly Chart.
SHIB has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of SHIB hasn’t enjoyed a measure of relief after showing so much strength on the weekly to how its key support zone of around $0.00000850.
After the price of SHIB rallied to a high of $0.00004, the price has faced rejection to break higher to a region of $0.00007, and the price has continued to struggle to stay afloat, considering how tough the crypto market has been lately.
The price of SHIB dropped to a low of $0.00000800 after rejection from the high of $0.00004; the price of SHIB bounced from that region to a high of $0.000017, where the price was rejected into a range channel.
Weekly resistance for the price of SHIB – $0.00002.
Weekly Support for the price of SHIB – $0.00000800.
Price Analysis Of SHIB On The Daily (1D) Chart
In the daily timeframe, the price of SHIB continues to look strong as the price narrowly broke out of its range; it has found itself for the past few days.
SHIB currently trades at $0.00001220, just above its key Support formed at 50 EMA after forming a range channel as the price builds more strength to break out for a rally.
The price of SHIB needs to hold above $0.000012 for the price to trend higher to a region of $0.000013 and possibly $0.00002, which is a key supply zone for most traders.
Daily resistance for the SHIB price – $0.000013.
Daily Support for the SHIB price – $0.00000950.
Featured Image From Adobe, Charts From Tradingview
