#SHIB Is the price about to reverse?
However, long-term price sustainability will depend on the continued support of the community and wider adoption of SHIB. In addition, the overall performance of the cryptocurrency market will play a key role. These sentiments are influenced by macroeconomic factors and regulatory developments.
The price of SHIB recently found temporary support around $0.00001688. If this support level holds, Shiba Inu may rebound to $0.00002129, which will be a 28% increase from the current position. However, if the price falls, it may find lower support at $0.000012. It is also worth noting that $0.00002129 is a temporary resistance level.
It fell 1.17% to $0.00001695 today. And this popular dog face emoji coin has a market cap of $9.99 billion. On the other hand, the 24-hour trading volume of Shiba Inu Coin surged 4.18% to $182.27 million.
Currently, SHIB price is below the 50-day and 200-day EMAs, indicating a bearish trend in both the short-term and long-term. However, the SHIB relative strength index (RSI) value of 32 indicates that the meme cryptocurrency may soon enter the oversold region. Historically, such conditions have pushed up cryptocurrency prices, including Bitcoin (BTC).
