Reasons Why SHIB Posed To Hit $0.0001 In 2024 – CoinGape
As the crypto market struggles to find direction, leading meme coins like Shiba Inu and Dogecoin are getting attention from investors, seeking alternative strategies to avoid the ongoing Bitcoin doldrums.
Shiba Inu Coin increased by 4% to $0.00002341 on Monday backed by a modest 162% surge in the 24 hours trading volume to $475 million. A notable 5% increase in the market cap to $13.8 billion reinforces the new bullish grip.
The second-largest meme coin is on a path to becoming strongly bullish. This has been reflected by the rebound in the Relative Strength Index (RSI), holding at 54 and heading toward the overbought region.
SHIB’s bullish move was accentuated as bulls reclaimed support provided by the 20-day Exponential Moving Average (EMA) and the 50-day EMA.
Currently, traders are watching for Shiba Inu’s reaction to the immediate descending trend line resistance. A strong bullish outcome will be reinforced by a further step above the 200-day EMA.
There is a chance that bulls will have an easy time pushing for the anticipated breakout at least to $0.000028 by the end of the week and above $0.00003 before June.
Traders must be aware that Shiba Inu price might be forced to seek support and liquidity in lower regions, including the 50-day EMA, the 20-day EMA, and if push comes to shove at the red band support around $0.000021.
If selling pressure increases drastically there is a possibility that SHIB will retest $0.00002 before the chances of a larger rebound swell.
