Shiba Inu Price Analysis 24/06: Bulls Drive SHIB Above $0.00000800, More Upside Likely? – Investor Bites

SNEAK PEEK

• Shiba Inu price analysis shows a bullish market sentiment
• SHIB broke retraced above the key level of $0.00000800
• Resistance and support levels are at $0.000008126 and $0.000007732 respectively.

The most recent Shiba Inu price analysis shows that the SHIB token has been on a bullish run. For the past 2 weeks, SHIB has been trading in an ascending triangle pattern and has been on a steady uptrend. The token broke through the key level of $0.00000800 again, after a price correction which was observed yesterday as bears took control of the market.

At press time, SHIB is trading at $0.000007954 with a 24-hour change of +1.13%. The token is facing resistance at $0.000008126, while the support level is currently set at $0.000007732. The bulls are driving the market, as indicated by the exponential growth curve. However, SHIB needs to hover above this key level for some more time in order to continue its rally.

The market cap of SHIB stands at $4,682,314,737 and the 24-hour volume is currently $156,608,923. The market cap is on the increase while the 24-hour trading volume has seen a decrease suggesting that there is a lot of scope for further gains. The decrease seen in the trading volume is recorded as -37.72.

On the daily chart, SHIB is seen forming an upward trend with an ascending triangle pattern. The buying pressure has been relatively strong for the past few days, which could signal further upside. SHIB needs to close above the key level of $0.00000800 and break through the resistance at $0.000008126 in order to continue its rally.

Looking at the technical indicators, the MACD and RSI are both in the bullish zone. The MACD line has crossed above the signal line which is a strong indication of a bull run. The histogram value is also increasing as the green bars are showing a steady uptrend. This suggests that the bulls are in control of the market and more price gains are likely.

Moreover, the Relative Strength Index (RSI) indicator is also indicating bullish sentiment. The RSI value has been hovering above 50 and is currently at 55.69. This suggests that the current uptrend could continue for some more time if the buyers maintain their control of the market. Finally, the Bollinger band indicator is also suggesting a bullish trend as SHIB trades just below the upper band located at 0.00000843.

Overall, the Shiba Inu price analysis shows that SHIB is on an uptrend and could continue to gain further ground. The bulls are seen driving the market and there is a lot of scope for more upside in the near future. However, traders should keep an eye out for any price corrections as sudden changes in market sentiment could be observed.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/shiba-inu-shib-price-analysis-24-06/