The Shiba Inu (SHIB) price rose 4% in the last 24 hours to trade at $0.00001346

This uptick in the SHIB price comes as the meme coin space rebounded in the last 24 hours with a 4% surge to a $61 billion market capitalization

The Shiba Inu price rose 4% in the last 24 hours to trade at $0.00001346 as of 11:26 p.m. EST on trading volume that dropped 46% to $186 million.

This uptick in the SHIB price comes as the meme coin space rebounded in the last 24 hours with a 4% surge to a $61 billion market capitalization, according to Coingecko.

Shiba Inu Price Shows Signs Of A Major Reversal

The SHIB price chart on the 3-day timeframe displays a clear Elliott Wave structure, indicating a four-wave corrective pattern with a potential fifth wave incoming.

The Shiba Inu price chart shows a major price rally (Wave 1), followed by a corrective decline (Wave 2), another upward impulse (Wave 3), and a subsequent retracement (Wave 4), according to GeckoTerminal data.

SHIB has retraced significantly, as it heads towards the Fair Value Gap (FVG) region, which has historically acted as a strong demand zone. This aligns with the idea that Wave 4 may reach its bottom, setting up for the next impulse move upward.

A double-bottom formation appears to be in progress within the purple FVG area, which often signals a bullish reversal if confirmed by higher lows and increased buying volume.

The 50 Simple Moving Average (SMA) on the 3-day chart is positioned above the current price, acting as short-term resistance at $0.00002082. The 200 SMA is slightly lower at $0.00001613, a key level that the price of SHIB needs to reclaim for a sustained bullish breakout.

Meanwhile, the Relative Strength Index (RSI) is at 32.73, nearing the oversold territory, indicating that selling pressure may be exhausted.

Historically, the price of Shiba Inu has rebounded strongly when the RSI dipped below 30, suggesting that a bullish reversal could be imminent.

SHIB Price Prediction

Given the combination of an Elliott Wave structure, strong support at the FVG level, and an oversold RSI, there is a high probability of an upcoming bullish impulse (Wave 5).

The projected 211% increase aligns with previous breakout patterns, targeting the $0.00003 level.

On the flipside, if the Shiba Inu price continues to drop, the FVG area around $0.00000773 may offer robust support.

As the SHIB price tries to climb, investors are shifting focus to a new meme coin called Meme Index (MEMEX). According to 99Bitcoins, a prominent crypto channel on YouTube that boasts over 725K subscribers, MEMEX has the potential to be the next 100x crypto.

Meme Index Presale Closing On The $4 Million Milestone – Last Chance To Buy

Time is running out for investors looking to secure their share of the Meme Index presale, which is now entering its final 25 days.

With $3.9 million already raised, anticipation continues to grow for what is shaping up to be one of the most talked-about launches in the meme coin space this year.

Meme Index is pioneering a new way to invest in meme coins, offering a structured and diversified approach that provides exposure to multiple projects while reducing risk.

Unlike betting on a single meme coin, which can be highly volatile, Meme Index allows investors to spread their capital across various categories based on market size.

The MEMEX token offers four diversified investment baskets: Meme Titan Index, Meme Moonshot Index, Meme Midcap Index, and Meme Frenzy Index.

Each basket caters to varying risk appetites, from relatively safer options like Meme Titan to the highest-risk Meme Frenzy, which features emerging and highly volatile meme coins for those seeking high returns while willing to accept high risk.

MEMEX holders can also participate in the project’s presale staking pool, which currently provides a stratospheric annual yield of 578%.

You can purchase MEMEX tokens on the official website for just $0.0166883.