Shiba Inu price will rise 18% after three-month downturn

The 200-week Exponential Moving Average supports Shiba Inu at $0.00001694.

According to on-chain statistics, SHIB capitulated on June 24 and is ready to rise.

A weekly candlestick closing below $0.00001690 would disprove bullishness.

Shiba Inu (SHIB) is up 2.3% on Wednesday after finding support around the 200-week Exponential Moving Average. On-chain data shows SHIB capitulated on June 24, cutting exchange supply, indicating bullish momentum might propel its price higher in the following days.

Shiba Inu pricing is promising.
Shiba Inu price is 2.3% above the 200-week Exponential Moving Average (EMA) at $0.00001694 and is trading at $0.00001757 on Wednesday.

The 200-week Exponential Moving Average matches the critical weekly support level of $0.00001690.

If this support level holds, SHIB may rise 18% to retest its resistance level at $0.0000208, the 61.8% Fibonacci retracement level from the weekly swing low of $0.0000054 from June 5, 2023, to the weekly swing high of $0.00004575 from March 4, 2024


Relative Strength Index (RSI) on weekly chart momentarily fell below 50 mean, while Awesome Oscillator (AO) is approaching it. If bulls are making a return, both momentum indicators must stay above their mean levels. Such such event would boost the recovery rally.

IntoTheBlock's Global In/Out of the Money (GIOM) showed almost 60,110 addresses with 58.85 trillion SHIB tokens at $0.000016.These addresses purchased the dog-based meme coin between $0.000014 and $0.000017, a critical support zone. If the price retraces, these investors may buy more.

Technical analysis suggests the $0.000014 to $0.000017 zone is a critical reversal zone, and the GIOM results match.

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