Shiba Inu Price Reaching A Trend Line, Will It Surge or Plummet?

The Shiba Inu price dropped over 1% in the past 24 hours to trade at $0.00002064 at press time. With this latest decrease, the SHIB price is down more than 10% on the weekly timeframe.

Throughout the past 24 hours, the market cap for the meme coin space dipped over 1% as well. $WIF was the only top 5 meme coin by valuation to record a 24-hour gain. During this time, the canine-themed competitor registered a more than 2% uptick.

The Shiba Inu price is trading near a medium-term negative trend line that has emerged on its charts. If the meme coin is able to overcome this threshold, it could have the room needed to flip the $0.00002100 resistance level into support.

Thereafter, $SHIB might continue to rise to the subsequent mark at $0.00002190 if the buy pressure persists. However, a rejection from the trend line could invalidate the bullish thesis.

In this alternative scenario, the Shiba Inu price might lose the $0.00002040 support. Continued sell volume should the crypto lose this technical crutch could then lead to #SHIB plunging to as low as $0.00001965 in the short term. #Memecoins #MemeWatch2024 #altcoins
The full analysis was posted on ecoinimist.com.