Expect a 2.2% Increase in the Shiba Inu Price (SHIB) in the Near Future

In line with overall market growth—meme coins saw an average 3.1% increase—the Shiba Inu price has soared by a noteworthy 2.2% over the last 24 hours.

The indications are pointing to further gains, which is interesting.

Major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have seen retracements and losses, in contrast to this little gain.

This performance highlights the resiliency of Shiba Inus, especially when contrasted with its sharp 32.21% drop in value during the previous month.

However, it is still up 125.06% year-over-year, which is comparable to the rise of other big cryptocurrencies.

Breaking below resistance, the Shiba Inu price is now asking: what comes next?
It seems like SHIB is preparing for further upside after its price surged earlier today.


View the Shiba Inu price chart along with detailed technical analysis. Citation: Binance.

Notably, since this morning's high, the Shiba Inu price has fallen below two support levels. It is retesting the $0.00001723 resistance level (orange) in an effort to regain one at the moment.

Shiba Inus show remarkable resilience despite this decline, with an RSI of 40 (purple). It has moved away from its overbought condition of 80 eight hours ago and is now in a neutral position, however it leans toward negative.

Perhaps this is only a correction, and Shiba Inus are now in a better position to continue their ascent.

For the last three days, the pink positive trendline has served as a support level. Assuming the Shiba Inu price remains above this level, it would suggest that the uptrend is robust, positioning the currency for more increases.

Observable patterns corroborate this prediction; the 30-day moving average (yellow) is rising sharply and is merging with the slightly falling 200-day moving average (blue). In spite of the broader downturn, substantial short-term momentum may be on the horizon if the 30-day price index rises above the 200-day.

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