Shiba Inu Price Prediction as SHIB Gains 5% in 7 Days – Is a New Bull Market Starting?

2023-07-06 04:18:41

In the past seven days, Shiba Inu (SHIB) has experienced a gain of 5%, bringing its price to 0.00000781

However, the cryptocurrency quickly reversed its upward movement and began testing the double bottom support at $0.00000740

Notably, this support level coincides with an upward trendline, further reinforcing its significance.

Shiba Inu Price

The current price of Shiba Inu (SHIB) stands at $0.000007, accompanied by a 24-hour trading volume of $128,372,878

Over the past 24 hours, Shiba Inu has experienced a decrease of 3.07%. As per CoinMarketCap, it is currently ranked #18, with a live market capitalization of $4.4 billion

The circulating supply of SHIB coins is approximately 589,347,837,211,088.

Shiba Inu Price Prediction

Shiba Inu (SHIB) is currently trading slightly above 0.00000740 after facing notable resistance at $0.00000781

The analysis of the four-hour timeframe reveals the presence of Doji and bullish engulfing candles, indicating a strong bullish sentiment in the market.

Additionally, both the 50-day exponential moving average and the RSI indicator suggest a selling trend, suggesting that SHIBA is in the oversold zone, which may present a buying opportunity.

Shiba Inu Price Chart - Source: TradingviewOn the hourly chart, the 50-day exponential moving average acts as a reliable resistance level around $0.00000764

A bullish cross above this level could potentially drive SHIB towards the $0.00000781 mark and even higher, possibly reaching $0.00000819.

Conversely, if SHIB breaks below $0.00000740, the next significant support level is likely to be found around $0.00000701.

To summarize, it is important to monitor the $0.00000740 level for Shiba Inu. Above this level, we can anticipate a bullish trend, while a bearish breakout may lead to a bearish scenario. This level can be considered a pivot point, and it is advisable to explore buying opportunities above this threshold.

Top 15 Cryptocurrencies to Watch in 2023

Stay informed about the latest ICO projects and alternative cryptocurrencies by regularly exploring the curated list of the top 15 most promising digital assets to watch in 2023

This carefully selected roster has been compiled by industry experts from Industry Talk and Cryptonews, ensuring you have access to professional recommendations and insights

Stay ahead of the curve and discover the potential of these cryptocurrencies as you navigate the ever-evolving world of digital assets.

See the 15 CryptocurrenciesDisclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Ця сторінка може містити контент третіх осіб, який надається виключно в інформаційних цілях (не в якості запевнень/гарантій) і не повинен розглядатися як схвалення його поглядів компанією Gate, а також як фінансова або професійна консультація. Див. Застереження для отримання детальної інформації.