- The SHIB coin price has given a breakout from the falling wedge at $0.00000942.
- Moving averages suggested a strong buy signal.
- The trading volume has increased by 13.46% in the last 24 hours.
The Shiba Inu (SHIB) coin was created in August 2020 as a meme coin. SHIB is the main token of the Shiba Inu ecosystem on the Ethereum blockchain. The SHIB coin has become a worldwide phenomenon, quickly gaining speed and value. The community of investors was drawn by the charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin.
The SHIB Coin Price Reflects Massive Rise in the Weekly Session
The SHIB coin price rose more than 30% in the weekly trading session. As Bitcoin is creating havoc, some major coins responded positively. Shiba Inu is one of the most popular meme coins among them.
Starting from the $0.00000577 extreme support level, the meme coin started a rally in June 2023. Subsequently, the SHIB coin price surged almost 100% to the $0.00001121 supply level, resulting in a positive change in sentiments.
On the other side, the investors are intrigued by this positive rally. They started jumping on the $0.00000729 demand level. Consequently, the SHIB coin price started a bullish rally, resulting in the breakout of the $0.00001121 resistance level.
Conversely, the price made a bullish correction in the form of a falling wedge, which the bulls recently broke out. The SHIB coin price is currently moving 85.57% below the all-time high, which is at $0.00008845.
Technical Analysis of the SHIB Coin Price
The current SHIB coin price is moving above the 50-day and the 200-day EMAs, reflecting a strong bullish trend. The EMAs had a bullish crossover at the $0.00000842 level, which played a key point for the buyers.
SHIB coin’s price made a bullish correction after the breakout of the $0.00001121 resistance level. It retraces toward the decisional point of interest of the buyers at $0.00000855. However, the price got a real boost from the $0.00000729 level.
Subsequently, the price gave a breakout from the falling wedge at $0.00000924, resulting in an upsurge of nearly 55% to the $0.00001470 resistance level. The current price of the memecoin is looking for a correction afterward. It may soon give a breakout of $0.00001470.
The relative strength index (RSI) showed a massive strength in momentum from the 50-mark middle band. It is sloping at 84.90 in the overbought region, indicating a pullback phase.
Summary
The Shiba Inu (SHIB) coin price has made a significant reversal after the epic entries of crypto investors in June 2023. The SHIB coin price is trading in a higher high swing, giving consistent breakouts of the following resistance. This memecoin’s current price is looking for a pullback phase. After that, it may proceed with its bullish rally toward the $0.00001577 resistance.
Technical Levels
- Resistance Levels: $0.00001470 and $0.00001784
- Support Levels: $0.00000942 and $0.00000729
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.