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Cryptocurrency News Articles
Shiba Inu (SHIB) Price Prediction: Will the DOGE-Killer Reclaim $0.000050?
Sep 20, 2024 at 05:40 pm
With a bullish trend in the crypto market, the meme coins are on a bullish track as the sentiments improve. Amid the top-performing meme coins
Meme coins are rallying together with the broader crypto market recovery, and among them, Shiba Inu price shows a breakout ready to surge by 10x.
Meme coins are rallying together with the broader crypto market recovery, and among them, Shiba Inu price shows a breakout ready to surge by 10x.
Shiba Inu (SHIB) price reveals a massive bearish influence on the daily chart, forming a falling wedge pattern that accounts for a 67% price drop between March and September. The downfall started from the $0.000040 mark, created a bottom, and tested the crucial support level of $0.00001297.
Currently, the Shiba Inu price trend takes a lateral route by taking support over $0.00001297, revealing a potential shift in the Shiba Inu trend. The Shiba Inu price trend exceeds the overhead trend line with the lateral trend and teases a double-bottom reversal.
With the trend line breakout, the double-bottom reversal is now challenging the 50-day EMA. Furthermore, the recent recovery run accounts for a price jump of 12% and forms four consecutive bullish candles.
Shiba Inu Price Analysis: 1-Day Chart
SHIB/USD 1-day price chart (Tradingview)
Technical indicators
RSI: Despite the declining trend in the 50-day and 200-day EMA following the recent death cross in July, the RSI line stays bullish. With the recent uptick in the recovery run, the RSI line is close to approaching the overbought boundary line.
Hence, the momentum indicator reveals a surge in buying pressure.
Bollinger Bands: The recent bullish recovery has pushed the Shiba Inu price towards the Bollinger Bands upper limit, teasing a potential breakout from the Bollinger Bands. If the breakout occurs, traders can expect a bullish continuation.
On the other hand, a failure to break out from the Bollinger Bands upper limit could result in a price pullback towards the middle Bollinger Bands line, followed by another attempt at breaking out.
Crucial levels to watch
The SHIB price is rallying with an intraday gain of 2.20%, trading at $0.00001440. If the meme coin surpasses the 50-day EMA, the 200-day EMA comes as the next potential target at $0.00001683.
However, as the meme coin concludes the lower-high formation, the previous peaks arise as potential targets. Hence, based on this assumption, the $0.000020.L psychological mark and the crucial resistance of $0.000028 are also potential targets.
On the flip side, the crucial supports for the meme coin are at $0.00001297 and the $0.000010 psychological mark.
Shiba Inu Price Analysis: 1-Week Chart
SHIB/USD 1-week price chart (Tradingview)
Shiba Inu price reveals a pullback phase on the weekly chart, breaking under the 50W EMA. At press time, the downfall trends are under the 23.60% Fibonacci level, with recovery rally chances in the short term.
However, with a potential comeback in the next bull market, the bullish reversal in the meme coin can scale to the all-time high level of $0.000088. Further, based on the Fibonacci level, the bull run in SHIB can reach the 1.618 level at the $0.0001050 psychological mark for almost 7x returns.
Hence, the underlying potential in Shiba Inu is estimated to be near a 10x rally in the next bull run.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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