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Shiba Inu Price Analysis: SHIB showing signs of reversing, could surge by 40 percent later

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TL;DR Breakdown

  • Shiba Inu price analysis highlights SHIB’s $0.00000653 resistance level turned support.
  • Flipping of the resistance level to support hints a potential upsurge is looming.
  • A decisive close above the $0.00000745 June 10 swing high signals the start of a rally.
  • A potential rally could see Shiba Inu move towards the $0.00000938 50 percent Fibo retracement level.

Shiba Inu appears to have settled below the June 11 short-term governing range at the time of writing as the crypto market is experiencing a minor sell-off. Despite this, Shiba Inu bulls have successfully pushed the price of the crypto coin above the range high, suggesting the comeback of buyers. If Shiba Inu continues with this price momentum, the crypto will likely witness a push towards another crucial price region.

Shiba Inu Price Analysis: General price overview

Since June 3, Shiba Inu price action has been trapped in a descending channel before breaching the channel’s upper boundary on June 13. Today’s 10 percent upsurge has followed up this price movement. The favorable price movement is very much welcome as it comes after Shiba Inu registered a brief price depreciation below the May 19 low. However, as expected, Shiba Inu’s price rebound will be subjected to robust resistance at the $0.00000770 price region.

Additionally, it seems it took a significant amount of effort to release SHIB from the descending channel and do away with the skepticism attached to it due to its bearish projection. As aforementioned, there is no immediate resistance barrier for Shiba Inu until the exciting range that surrounds the $0.00000770 price region. The $0.00000770 is an exciting price region as it played the role of resistance barrier from June 7 to 9. It also played the role of support level from June 27 to 30. The $0.00000770 price region also was an area of congestion from May 21 to 23.

If that is not enough, the $0.0000000770 price range is currently reinforced by the 50 9-hour Simple Moving Average at around $0.00000792. If Shiba Inu manages to settle above these 2 levels, it could see its price skyrocket towards $0.00000888. This will offer investors a 30 percent profit from the current price.

Shiba Inu price movement in the past 24 hours

Shiba Inu Price Analysis: SHIB showing signs of reversing, could surge by 40 percent later 2
Source: TradingView

As long as SHIB settles above the May 19 low, Shiba Inu investors would be in a better position to focus on evoking a price rally for the rookie crypto asset. However, if its prices plunge below this critical level, Shiba Inu would attract a dead-cat bounce and signal the weakness of SHIB bulls. Furthermore, if the crypto coin turns completely bearish registers and registers a swing low below the $0.00000542, all bullish projections will be invalidated.

Shiba Inu 4-hour chart

According to the 4-hour chart, Shiba Inu is currently bullish with no signs of slowing down. For instance, the Relative Strength Index appears to be facing upwards in the overbought region, suggesting the coin is having a bull run. As for the Moving Average Convergence Divergence (MACD), the technical indicator is far above the signal line with no signs of turning backwards.

If the current price actions are anything to go by, investors should be on the lookout for the $0.00000833 and $0.00000886 resistance levels. These levels are historically a pain for the crypto coin.

Conclusion

Although it is elementary to dismiss the relevance of this rookie cryptocurrency in the more extensive crypto market, Shiba Inu is a worthy crypto contender. Furthermore, it is worth noting that on June 10, the crypto coin was ranked number 2 after BTC as the cryptocurrency with the Most Price Estimates. Coinmarketcap.com did the survey.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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