Our Shiba Inu coin price prediction is on its way to flipping bullish after bouncing off its key support. However, the price is also signalling a double bottom after successfully retesting the $0.00000661-$0.00000742 support twice. SHIB price has also broken out of the downwards trendline for the first time in 3 months, suggesting that the downtrend could be over, at least for now.
At the time of writing, the SHIB coin is trading at $0.00000915, which is 27% up from last week low of $0.00000714. Shiba Inu coin was one of the most hyped cryptocurrencies of 2021. At one point, its market cap even became bigger than Dogecoin. However, most of this bullish price action was due to the investor interest in memecoins which went euphoric in May 2021.
According to Shiba Inu coin news today, SHIB is now listed on Bitstamp, and users can trade the top memecoin seamlessly on the exchange. Shiba Inu price has been in a continuous downtrend since hitting the all-time high of $0.00008616 in October 2021. The leading dogcoin is currently 89% down from its ATH. The same is the case with most other memecoins, which are trading at just a fraction of their last year’s highs.
Technical analysis of the Shiba Inu coin price chart shows a clear break out of the downwards trendline. This move is also backed by a sudden increase in volume, which further validates the breakout. In case of a daily close above the trendline, bulls might target $0.00001200 and $0.00001585 in short term. Both of these price levels are 0.236 and 0.382 Fib retracement levels. These levels come into play by connecting April 2022 high to the recent low.
It is worth mentioning that any Shiba Inu coin price prediction depends on Bitcoin’s price action. For example, if Bitcoin price closes a day below $20,000, our SHIB price analysis might need a revision.
This post was last modified on %s = human-readable time difference 14:39