Many cryptocurrencies appear to be following at least a gradual upward path towards resistance. Bitcoin (BTC) price surged above $62,000 after liquidity reached almost $60,000. Price analysis for Shiba Inu Coin shows that buyers are quickly gaining the upper hand. This means SHIB is poised to close the week above $0.00003 in an environment where Bitcoin and other major altcoins are barely navigating, supported by increased interest in meme coins.
Shiba Inu Price Analysis: Journey to $0.0001
As the crypto market struggles to find direction, leading meme coins like Shiba Inu and Dogecoin are attracting the attention of investors looking for alternative strategies to avoid the ongoing Bitcoin recession.
SHIB rose 4% to $0.00002341 on Monday, reaching $475 million, on a modest 162% increase in 24-hour trading volume. The market value increased by 5% to $13.8 billion, which can be interpreted as a new upward trend.
The second largest meme coin appears to be trending in a strong uptrend. This was also reflected in the recovery in the Relative Strength Index (RSI), which remained at 54 and was moving towards the overbought zone.
SHIB's upward move was highlighted by the bulls regaining the support provided by the 20-day Exponential Moving Average (EMA) and the 50-day EMA (blue and red lines on the chart).
Currently, traders are watching the Shiba Inu's reaction to the immediate descending trendline resistance. A strong rise could be reinforced by a break above the 200-day EMA (purple line).
The gray band on the Shiba Inu chart represents the first support level. If the bulls respect this support level, there is a high probability of a rally to $0.000028 at least by the end of the week and above $0.00003 before June.
However, investors should be aware that if the same gray area is exposed to potential selling pressure, Shiba Inu price may seek support and liquidity at lower levels such as the 50-day EMA and the 20-day EMA. If the selling pressure continues, the red band support around $0.000021 could be important.
Long-term investors may not be bothered by market fluctuations but may consider purchasing lower-priced tokens and optimizing their returns using basic dollar cost averaging strategies.
The anticipated breakout of $0.00003 could ignite FOMO for the meme coin and create a major market move, pushing Shiba Inu above its all-time high of $0.0001.
Assessment of SHIB's Fundamental Position
Blockchain data from IntoTheBlock (ITB) reveals an increase in potential pressure on the sell side as the Shiba Inu recovers. The $0.000025 zone appears to be a concentration of strong sellers, representing approximately 16,000 addresses and purchasing 38.66 trillion SHIB. This heavy selling zone could delay the rally to $0.00003 and perhaps cause another breakout to $0.000021.
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