The price of Bitcoin has reached a new ATH today. However, the memecoin market has experienced mixed price action with leading memecoins recording significant adjustments in their respective valuations.
With the current market sentiment, is this memecoin preparing for a strong breakout rally? Or will the price lose momentum and plunge to a lower support level? In this article, we have discussed the short-term price possibilities of the second largest memecoin.
SHIB Memecoin Forms a Flag Pattern
With a 24-hour trading volume of $1.193 billion, the price of Shiba Inu has recorded a 1.58% adjustment in valuation. With this, the SHIB memecoin has formed a flag in the daily timeframe.
From a long-term perspective, this memecoin has surged 31.04% in the past 30 days and has a year-to-date (YTD) profit of 137.86%. With a market capitalization of $14.494 billion, this coin has secured the 12th position in the market.
Technical Sentiment of Shiba Inu
The 50/200 day EMA has been steadily rising after recording a Golden Cross in the daily timeframe. This indicates a positive outlook for the meme coin in the near future.
However, the continuous decline of the Moving Average Convergence Divergence (MACD) on the SHIB price chart with the average on the verge of a bearish convergence suggests a contradictory price sentiment for the Shiba Inu token in the market.
How Much Will the SHIB Meme Coin Increase?
If the buyers regain momentum above the support level of $0.00002350, the price of Shiba Inu will aim for the resistance level of $0.00003080. Moreover, if bullish sentiment strengthens, this memecoin could test the upper resistance level of $0.00003800.
On the other hand, if the bear side gains control, the price of SHIB could test the support level of $0.00002350. Furthermore, if the bears surpass the bulls, the price of Shiba Inu will drop to a lower support level of $0.0000170 in the near future.
