Published 9 hours ago
After months of a steady downtrend, the Shiba Inu price managed to breach the key resistance trendline on July 9th, indicating a potential shift in the market sentiment. Furthermore, with a red candle in the daily chart, the buyers are currently in the process of validating its sustainability at higher prices and the opportunity to buy famous memecoin. How far can the potential rally take the SHIB price?
Also Read: Shiba Inu Burn Rate Spikes Over 3000%, $SHIB Whale Transactions At 3-Month High
Shiba Inu Price Daily Chart:
- On June 9th, the Shiba Inu price experienced a significant breakout, defying months of a downtrend and offering traders a chance to ride the bullish wave.
- As SHIB retraces slightly after the breakout, buyers must hold the newly flipped support to fuel a potential rally.
- The intraday trading volume of the Shiba Inu coin is $116.2 Million, showing a 23% loss.
The Shiba Inu (SHIB) coin was locked in a downtrend for the past five months, facing consistent selling pressure at price rallies. However, in line with the Dow theory of the financial market, which suggests that no trend remains the same forever, SHIB price managed to break through this persistent resistance on June 9th, signaling a potential market shift.
Currently trading at $0.0000075, the SHIB price experienced a 2.7% intraday loss, prompting a pullback to retest the breached trendline for potential support. The sustainability of this support will be crucial in determining the continuation of the recovery rally.
If buyers can establish a foothold at newfound support, SHIB buyers may embark on a recovery journey, potentially pushing the price higher by 12%. Notable barriers await at $0.00000838 and $0.00000976, providing traders with targets to monitor.
Can SHIB Price Go Back To $0.0000064?
If the broader market sentiment remains uncertain, a breakdown below the trendline with a daily candle closing, would invalidate the bullish thesis and indicate a return to the downtrend. This breakdown will reveal a bull trap which would intensify the selling pressure. In such a scenario, Shiba Inu price could retest support at $0.00000642.
- Relative Strength Index: The RSI value below 50% suggests weakness in the bullish momentum, warranting caution for a fake breakout.
- Exponential Moving Average: The reclaimed 20-day EMA serves as a potential support level, aiding buyers in sustaining the current breakout.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.