The Shiba Inu price is attempting to rebound after falling to the lowest level in about two weeks on Tuesday. The SHIB coin is trading at $0.0000076, which is about 20% below the highest point this week. At the same time, the Dogecoin price is trading at $0.2930.
After dropping to the lowest level on record in July, the Shiba Inu price has rebounded recently. Precisely, it has risen by more than 35% from its all-time low. This rebound happened as part of the overall bullish run in the cryptocurrency industry. Recently, other altcoins have moved significantly higher while the total market capitalization of cryptocurrencies has jumped to more than $2 trillion.
The coin has also risen as investors start taking the meme coin more seriously. Besides, the developers have been working to make the ecosystem substantially vibrant. For example, they have already introduced Leash and Bone, which are additional tokens.
Today, Shiba Inu has a total market capitalization of more than $2.99 billion making it the 44th biggest cryptocurrency in the world. At its peak, the coin was valued at more than $10 billion and was among the top 15 biggest coins in the world.
Now, turning to the two-hour chart, we see that things are not looking good for the SHIB price. For one, it has formed a head and shoulders pattern. The head is at the $0.0000094 level while it has already completed forming the two shoulders.
In price action analysis, a head and shoulders pattern is usually a bearish pattern. At the same time, it has moved below the 25-day and 50-day exponential moving averages (EMA). The MACD has also formed a bearish divergence pattern.
Therefore, the coin may keep falling as bears target the key support at $0.0000058, which is about 23% below the highest point this week. On the flip side, a move above $0.0000085 will invalidate this view.
You can check: How To Buy Shiba Inu Coin?