SHIB May Rally After Filling this Imbalance

Shiba Inu Price Analysis: SHIB price rose 0.7% over the past 24 hours, trading at around $0.00001669 during European trading hours on Wednesday. The price increase comes amid a market-wide rally due to Bitcoin’s price recovery. Shiba Inu was one of the most affected crypto assets during Bitcoin’s price crash.

Shiba Inu pricing analysis: suggests more pain than gain

SHIB price broke out of a descending triangle on June 14 and dropped to a low of $0.00001266, but following the broader market recovery, the meme coin has risen 32% from the recent lows.

Shiba Inu Coin’s price action is trending below the 2-day, 50-day and 200-day Simple Moving Averages (SMA), which is not bullish for the asset. Just below the recent lows is an area of ​​market imbalance that needs to be filled before the asset price can fully reverse.

The price movement of SHIB is around the 21-day SMA, which has been acting as a resistance level for the past 33 days. A breakout above this indicator could lead to a further rise towards the congested area of ​​the 200-day SMA and the 50-day SMA. Therefore, Shiba Inu Price Prediction It indicates that $0.0000168 to $0.0000195 could be one of the toughest resistance zones that SHIB price could face. A breakout above this zone could see SHIB price surge to $0.0000336 before encountering further occasional resistance near $0.0000236 and $0.00002998.

To bridge the fair value gap (FVG) around $0.000011, the price of SHIB may need to drop by 30% from its current price. However, the faster Shiba Inu breaks out of this zone of market disequilibrium, the sooner the crypto asset can start to rise. A key support area to watch is $0.00001361.

Technical indicators point to bullish strength in SHIB price

The Relative Strength Index (RSI 14) is rising at 44.4, which indicates that market participants are bullish and the price may continue to rise. However, the RSI is still below the midpoint level, which is important to confirm the bullish dominance in the uptrend.

Chaikin’s financial flowChaikin’s financial flow

Chaikin Money Flow (CMF) has risen above the zero line, indicating that bullish pressure is starting to prevail.

Shiba Inu’s main selling points at the moment are its ongoing token burn and the ever-growing Shibarium ecosystem.

In addition, the lead developer of the Shiba Inu, known by the pen name “Kusama Hidetoshi,” is reportedly planning to leave the project.

He said he plans to follow in the footsteps of his predecessor, Shiba Inu founder Ryoshi, and eventually take a step back from the spotlight on the project.

Conclusion

Shiba Inu price analysis suggests tough times ahead for the popular meme coin. Investors may need to prepare for short-term volatility and potential downward pressure before a significant upside occurs. At this stage, holders’ resolve may be tested before a recovery and profit-taking opportunity emerges.

Frequently Asked Questions (FAQ)

The price of Shiba Inu may be affected by factors such as market demand, overall market trends, news and announcements, regulatory changes, and developments within the Shiba Inu project.

Shiba Inu can be purchased on various cryptocurrency exchanges such as Binance, Coinbase, Kraken, etc. You will need to create an account on one of these platforms, deposit funds, and then trade with SHIB.

Yes, when buying Shiba Inu, depending on the platform you use, you may incur fees such as trading fees, exchange fees and withdrawal fees.

Related article

✓ Share:

Evans Karanja is a content writer and scriptwriter specializing in cryptocurrency, blockchain and video games. He has worked with various startups, helping them create engaging, high-quality content that captures the essence of their brand. Evans is also an avid cryptocurrency trader and investor, and believes that blockchain will revolutionize many industries in the coming years. When he’s not writing, he enjoys playing video games and chasing waterfalls.

The presented content may contain the personal opinions of the author and are subject to market conditions. Please conduct market research before investing in cryptocurrencies. The author or publication is not responsible for any of your personal financial losses.

0 Comments

Leave a Comment