Memecoins have drawn a lot of interest from the cryptocurrency market since the price surge, with the top tokens increasing their holdings by over 10% apiece. This suggests that they will see favorable price activity in the following weeks.
The price of the Shiba Inu is following suit with the category leader, showing a similar trend with gains of over 5% in the last 24 hours and over 13% in the last 7 days.
The SHIB Price Reverses The Trend!
After roughly a week of trading in a closed range between $0.00000879 and $0.00000923, the bulls surged over 6.5% in the following two days. The price then spent the next five days trading in a closed range between $0.0000923 and $0.00000971.
The bulls were able to effectively break out of the barrier level as market volatility increased, but the rally was short-lived as the memecoin encountered resistance at $0.00001012, following which it briefly exhibited a neutral trend.
TradingView: SHIB/USDT
As a result of the bulls’ inability to keep the price above the $0.00000971 support level, the price on the chart experienced a pullback. For the next five days, the SHIB coin fluctuated between $0.00000923 and $0.00000971, suggesting that the coin’s price activity in the cryptocurrency market was sluggish.
The bulls have just recovered pace, and for the next two days, they scored a noteworthy jump of more than 20%. The price has been moving between $0.00001074 and $0.00001142 in a confined range ever since.
When the Moving Average Convergence Divergence (MACD) shows a consistent downward trend in the histogram, it indicates that the selling pressure relative to the purchasing pressure in the market is increasing. Additionally, the averages display a bearish curve, indicating that the memecoin’s price will move negatively in the near future.
Will the cost of Shiba Inus Rise?
Bulls will regain momentum and retest the market’s resistance level of $0.00001142 if the SHIB price is able to stay above the support level of $0.00001074. Furthermore, Shiba Inu Price will be ready to try testing its upper level of $0.00001197 if the bulls manage to keep the price there.
On the other hand, if the bears overwhelm the bulls, the memecoin will experience negative trading and test its $0.00001012 support level. Furthermore, it will drop and get ready to test its lower level of $0.00000971 in the near future if the bulls are unable to gather momentum at that point.