#HotTrends #sol #DOGE #WIF #BTC
Shiba Inu Price: After failing to reach the $3 trillion market cap, the cryptocurrency industry took a huge hit this week. With the price of Bitcoin suddenly falling below $68,000, the meme industry is going through a selling phase. Amid the correction, SHIB price shows rising selling pressure and a falling wedge. Will the meme bounce back or is more correction underway?
Being the second highest rated meme in the cryptocurrency industry, the price of the Shiba Inu is known for its sharp fluctuating movements. Amid the recent market correction, the meme coin is facing a sharp sell-off that has led to an 11% rally in the past 24 hours.
In the bigger picture, the price action of the past two weeks shows a falling wedge in the making. Currently, SHIB price is trading at $0.000028 and testing the lower support trend line.
Moreover, according to the Fibonacci retracement levels, SHIB price is testing the 50% level in alignment with the trend line. Hence, the chances of a bullish reversal for the meme coin are on the positive side with the critical demand level being challenged.
Will the Shiba Inu ever return to its former self?
According to the 4-hour chart analysis, the Shiba Inu coin trend is under severe supply pressure as the market declines. Moreover, with the potential decline in the price of Bitcoin, the meme sector could decline. On the price action front, sellers challenging the $0.000027 support indicates a potential bounce. In such a case, the uptrend could reach the upper trend line near the 38.20% Fib level at $0.000032.
A potential break of this resistance will indicate a continuation of the recovery trend and a break above $0.00005
Conversely, in a bearish breakout, in the event of an extended market decline, the meme coin could fall to $0.000023.
