Shiba Inu (SHIB), the meme coin that captured the crypto world’s heart with its “pet-dog-charm,” is currently navigating uncertain waters.
The price of SHIB has been experiencing a rather slightly predictable movement compared to last year. After breaking out of a descending triangle on June 14, it dropped to $0.00001266. However, following the general BTC market recovery, the meme coin has rebounded by 32% from its recent low. As of the time of writing, SHIB trades around $0.00001673 with a 24-hour trading volume of $266,330,000 per European business hours on Wednesday, CoinMarketCap shows. This represents a 28.44% decline over the past 24 hours.
Source: CoinMarketCap
Market Imbalance and Fair Value Gap
Source: Coingape
SHIB’s price action is currently trending below the 2-day, 50-day, and 200-day simple moving averages (SMA), which isn’t bullish for the asset. Right below the recent low lies a zone of market imbalance that must be filled before SHIB’s price can fully engage a reversal. To be precise, SHIB may need to drop by 30% from its current price to fill the fair value gap (FVG) of around $0.000011. However, the sooner Shiba Inu clears this zone, the sooner it can begin moving upward.
Resistance Zones, Upside Potential, and Technical Indicators Pointing to Bullish Ride
The 21-day SMA has been acting as a resistance level for the past 33 days. A break above this indicator could lead to further upside movement. The toughest resistance zones lie between $0.0000168 and $0.0000195. If SHIB manages to break through, it might catapult to $0.0000336, with occasional resistance around $0.0000236 and $0.00002998.
Source: Coingape
Currently at 44.4 and rising, the Relative Strength Index (RSI) suggests bullish sentiment. However, it’s still below the mid-point level, which is critical for confirming a bullish dominance in the uptrend.
Recently crossing above the zero line, the Chaikin Money Flow (CMF) indicates that bullish pressure is starting to dominate.
In all, the ongoing token burns and the growing Shibarium ecosystem are the main selling points for Shiba Inu. However, it’s essential to monitor the support level at $0.00001074. Maintaining SHIB above this level is critical for any sustained rally.
@Shibtoken @treatsforShib @kaaldhairya A quick recap and forward marching orders. #India #Kyoto #IVS pic.twitter.com/Ba6bpOzKMi
— Shytoshi Kusama (@ShytoshiKusama) July 9, 2024
Additionally, the departure of Shiba Inu’s lead developer, “Shytoshi Kusama,” adds an element of uncertainty to the project. This could potentially influence the future path of the coin.
The post Shiba Inu Price Analysis: Charting a 32% Recovery Through Market Imbalance Towards a Bullish Rally appeared first on Coinfomania.
