Shiba Inu Price Hints Bullish Reversal, Eyes To Hit $0.000030?

Story Highlights

• Shiba Inu price soared ~33% this month.
• SHIB Memecoin forms a bullish flag pattern in the daily time frame.
• The EMA 50/200-day and MACD indicators record a mixed price sentiment.

The Bitcoin price has recorded a new ATH today. However, the memecoin market has experienced a mixed price action with top memecoins recording a notable correction in their respective valuations.

With the current market sentiments, is this memecoin preparing for a strong breakout rally? Or will the price lose momentum and plunge toward its lower support levels? In this article, we have covered the short-term price possibilities of the 2nd largest memecoin.

SHIB Memecoin Forms A Flag Pattern!

With a 24-hour trading volume of $1.193 billion, the Shiba Inu price has recorded a correction of 1.58% in valuation. With this, the SHIB memecoin has formed a flag in the daily time frame.

On the longer-term perspective, this meme coin has soared 31.04% during the last 30 days and has a Year-to-Date (YTD) return of 137.86%. With a market capitalization of $14.494 billion, it has secured the 12th position in the market.

Shiba Inu Technical Sentiments

The EMA 50/200-day has displayed a constant rise after recording a Golden Cross in the daily time frame. This indicates a positive outlook for the meme coin in the upcoming time.

However, the Moving Average Convergence Divergence’s (MACD) constant decline in the SHIB price chart with its averages on the verge of experiencing a bearish convergence, suggests a mixed price sentiment for the Shiba Inu token in the market.

How High Will SHIB Meme Coin Go?

If the bulls regain momentum above its support level of $0.00002350, the Shiba Inu price will head toward its resistance level of $0.00003080. Furthermore, if the bullish sentiment intensifies, this memecoin could retest its upper resistance level of $0.00003800.

On the flip side, if the bears gain control, the SHIB coin price may retest its support level of $0.00002350. Moreover, if the bears outrun the bulls, the Shiba Inu price will plunge toward its lower support level of $0.0000170 during the upcoming time.

Curious to know if this memecoin will strike out one more zero soon. Read CoinPedia’s Shiba Inu Price Prediction and subscribe to us to stay updated on the latest crypto news!

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