- Shiba Inu price prediction suggests a sharp upward move.
- SHIB price holds a 50 day EMA and strikes a 200 day EMA.
- Shiba Inu price might benefit after a massive spike in DOGE price.
Shiba Inu Price prediction suggests a rise is on the cards in the short and long term. Investors and traders should both add top MEME crypto Shiba Inu (SHIB) and Dogecoin (DOGE) in their watchlist. Shiba Inu price came into the spotlight when its peer DOGE price surged about 21% on a single day.
SHIB price holding the 50 day EMA and 200 day EMA shows that buyers are trying to reverse the trend in upward direction. Shiba Inu coin price seems to have formed a long term base and is trying to break into the higher range.
Shiba Inu price is trading at $0.00001141 with an intraday rise of 1.60% and 24 hour volume to market cap ratio at 0.0515. In the beginning of March, SHIB price dropped below its crucial support of $0.00001200, which disturbed the sentiment of investors. Later, prices began to decline by forming lower lows and it made a low swing at $0.00000961. In mid-March, the global market sentiment improved which positively impacted the Shiba Inu crypto and prices recovered from lower levels. However, prices did not show a sharp up move and got stuck in the narrow range consolidation.
Will Shiba Inu Price Benefit After Rally in DOGE Price?
Shiba Inu price is up by about 5.66% on a weekly basis and is forming a bullish reversal pattern. However, SHIB price will pick up momentum when buyers successfully break the 200 day EMA. Moreover, Elon Musk changed the Twitter icon to Dogecoin, this week, due to which the DOGE price skyrocketed 21% on a single day. The whale activity is also visible which shows that crypto whales, as well as, the retail segment celebrated the change in Twitter icon.
Shiba Inu is a MEME crypto and a peer of Dogecoin. As such, investors might keep the Shiba Inu on radar. Analysts believe that SHIB price might benefit in the coming months if DOGE price continues the momentum.
SHIB Price Formed a Long Term Base
SHIB price seems to have formed a strong base near the demand zone and downside seems to be limited. Technical analysis suggests, Shiba Inu price is in the bulls’ grip and the probability of an upward range expansion is high.
On the other hand, if the SHIB price drops below $0.00000961, the bears may try to pull it down towards the yearly lows. Technical indicators like MACD had generated a positive crossover indicating bullishness to continue. The RSI at 56 sloping upward denotes the strength of the buyers.
Conclusion
Shiba Inu price prediction favors the bulls and suggests upward momentum to continue in coming months. Technical analysis suggests, SHIB price is in the bulls’ grip and probability of an upward range expansion remains high. Therefore, investors must add the Shiba Inu crypto in their watchlist.
Technical levels
Resistance levels : $0.00001200 and $0.00001400
Support levels : $0.00000961 and $0.00000800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.