SHIB Price Undergone Correction Phase; Breakout Awaits Soon?

• Shiba Inu’s trading volume has surged by 100% in the last 24 hours.
• Shiba Inu’s price has dropped by 45% from its last swing high.

The chart structure of the Shiba Inu price has witnessed profit booking since the beginning of March and has undergone a correction phase. It seems like the buyers are strong enough to defend the key moving averages.

The Shiba Inu crypto price has fallen because it has not reached the last swing high since the beginning of March. Its price has been taking support on the 100-day EMA and gained a minute buying momentum.

The SHIB crypto price has been trading over the key moving averages, indicating bullish momentum. MACD has formed green histograms, and a bullish crossover has been observed between the MACD and Signal lines.

Volume Surged by 300% in a Day

Since March, SHIB’s trading volume has dropped violently and has become stable. In the past few hours, the trading volume has increased by 300%, but its effect hasn’t been seen on the price yet. Buyers may lift the price further if the trading volume keeps growing with good buying momentum.

Is SHIB About to Boom?

A source on ‘X’ claims that the Shiba Inu price may pump in the next few trading sessions. It is expected to reach the $0.00002605, $0.00002633, and $0.00002676 levels in the next few weeks. The price may take support at the $0.00002560 and $0.00002487 levels if it gains bearish momentum.

Technical Analysis of Shiba Inu Crypto Price Over 1-D Timeframe

On a daily time frame, the SHIB crypto price has displayed a slow and steady fall since March. Besides this, the Shiba Inu crypto price has defended the 100-day EMA, indicating the buyers’ involvement.

Suppose the buyers push the SHIB price over the $0.0000300 hurdle with the rise in trading volume, and then it may perform bullishly in the upcoming sessions. Buyers may be eyeing the last swing high if social dominance and development activity increase.

On the other hand, if the digital asset price slips below the 100-day moving average and is sustained, then selling pressure for the short term can be expected and may melt to the 200-day EMA. Assuming the SHIB price fails to defend the $200-day EMA, it may perform negatively further.

Conclusion

Based on the technical analysis and recent market developments, it seems that the Shiba Inu price has undergone a correction phase and is currently showing signs of potential bullish momentum. The trading volume has surged significantly, indicating increased market activity. The key moving averages and technical indicators suggest a possible bullish trend.

Technical Levels

The Shiba Inu price is expected to face resistance from the $0.0000275 and $0.0000320 levels if it gains bullish momentum. If the price reacts negatively, it may take support on the $0.0000220 and $0.0000100 marks.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Krystian Bielanski