Shiba Inu Price Analysis: Will SHIB Price Reclaim $0.00001 In May?

Shiba Inu Price Analysis: Will SHIB Price Reclaim $0.00001 In May?

Shiba Inu

Published 21 seconds ago

Amid the current uncertainty in the market, Shiba Inu price is receiving aggressive selling pressure from a downsloping resistance trendline. The dynamic trendline continues to pressurize the buyers and restrict the SHIB coin’s price spread in a narrow range. However, the 4-hour time frame chart, price offered a decisive breakout from trendline as an early sign of price recovery. Can this memecoin restore its bullish momentum?

advertisement

Also Read: Top 10 New Meme Coins With The Best Potential In 2023

Key Points: 

  • The resistance trendline breakout sets the Shiba Inu price for a 14% rise
  • The potential rally may face a significant hurdle at the $0.00000917 mark
  • The intraday trading volume of the Shiba Inu coin is $81.7 Million, showing a 19% loss.

Shiba Inu Price Analysis

Shiba Inu Price AnalysisSource- Tradingview

With an intraday gain of 3%, the Shiba Inu price shows a massive breakout from a two-week-long resistance trendline. This breakout could offer buyers a significant footing to climb higher levels and trigger a new recovery cycle.

By the press time, the SHIB price trades at the $0.00000877 mark, and its sustainability above the breached trendline will drive the coin 4.5% higher to hit the $0.00000916 immediate resistance. The aforementioned resistance will pose a significant threat to coin buyers as it may prolong a sideways trend in Shib.

Therefore, a potential breakout above the $0.00000916 ceiling will intensify the buying momentum and may raise the memecoin another 7-9% to reach $0.00000977 or $0.00001 respectively. 

Shiba Inu Technical Analysis

  • Relative Strength Index: The rising RSI slope of the 4-hour chart reflects underlying buying pressure in Shiba Inu price is rising which supports the potential growth.
  • Exponential Moving Average: The 20-and-50-day EMAs reclaimed with the recent price surge may offer additional confirmation for a price rally.

Will Shiba Inu Price Hit $0.00001 Mark In May?

With the current price of $0.0000087, the Shiba Inu price would need a 14% rise to $0.00001. The aforementioned trendline breakout may gradually assist buyers to reach $0.00001 but depending on the market’s negative sentiment it could delay beyond May month. However, the trades must remain cautious of the mid-resistance at $0.00000916.

Share this article on:

advertisement

<!–

–>

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Shiba Inu Price Analysis: Will SHIB Price Reclaim $0.00001 In May? PlatoBlockchain Data Intelligence. Vertical Search. Ai.

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.

<!– Close Story–>

Time Stamp:

More from Coingape