Shiba Inu Price Prediction as SHIB Gains 5% in 7 Days – Is a New Bull Market Starting?
In the past seven days, Shiba Inu (SHIB) has experienced a gain of 5%, bringing its price to 0.00000781.
However, the cryptocurrency quickly reversed its upward movement and began testing the double bottom support at $0.00000740.
Notably, this support level coincides with an upward trendline, further reinforcing its significance.
The current price of Shiba Inu (SHIB) stands at $0.000007, accompanied by a 24-hour trading volume of $128,372,878.
Over the past 24 hours, Shiba Inu has experienced a decrease of 3.07%. As per CoinMarketCap, it is currently ranked #18, with a live market capitalization of $4.4 billion.
The circulating supply of SHIB coins is approximately 589,347,837,211,088.
Shiba Inu (SHIB) is currently trading slightly above 0.00000740 after facing notable resistance at $0.00000781.
The analysis of the four-hour timeframe reveals the presence of Doji and bullish engulfing candles, indicating a strong bullish sentiment in the market.
Additionally, both the 50-day exponential moving average and the RSI indicator suggest a selling trend, suggesting that SHIBA is in the oversold zone, which may present a buying opportunity.
On the hourly chart, the 50-day exponential moving average acts as a reliable resistance level around $0.00000764.
A bullish cross above this level could potentially drive SHIB towards the $0.00000781 mark and even higher, possibly reaching $0.00000819.
Conversely, if SHIB breaks below $0.00000740, the next significant support level is likely to be found around $0.00000701.
To summarize, it is important to monitor the $0.00000740 level for Shiba Inu. Above this level, we can anticipate a bullish trend, while a bearish breakout may lead to a bearish scenario. This level can be considered a pivot
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