As the Bitcoin price reclaims the $63,000 mark, the memecoin category has experienced a strong bullish action with some tokens recording a massive surge in their respective portfolio within a short period.
Following this, top meme coins such as Dogecoin and Shiba Inu have regained traction. Moreover, with technical indicators turning bullish, is the Shiba Inu price prepared for a breakout rally? Scroll down to uncover the possible price factors for this month!
SHIB Memecoin Holds Its Important Support Level:
Amid increased price volatility in the cryptocurrency market, the Shiba Inu price has jumped ~4% in the past 24 hours with a trading volume of $546.169 million, a change of +118.42%. With this, it has successfully held its value above its important support/resistance level.
Despite recording a drop of 1.93% over the past week, this meme coin has soared 38.81% during the past month and has a Year-to-Date (YTD) return of +73.34%. Notably, with a market capitalization of $10.567 billion, this Ethereum-based project has secured the 13th position in the market.
Shiba Inu Technical Sentiments
The EMA 50/200-day shows an increase in the trend. Further, it hints at a potential Golden Cross in the 1D time frame, highlighting a potential bullish reversal in the coming time.
The RSI indicator continues hovering above the neutral point. However, the average trendline acts as a resistance, indicating a mixed price sentiment for the memecoin in the market.
Is SHIB A Good Investment?
If the bulls continue gaining momentum, the Shiba Inu price could retest its resistance trendline of the triangle pattern. A bullish breakout could potentially result in it heading toward its resistance level of $0.00002350 in the coming time.
Conversely, if the bears regain power, the 2nd largest memecoin could retest its support level of $0.0000170. Further, a breakdown could result in the SHIB coin price plunging toward its crucial low of $0.00001175 this month.
Also read, Shiba Inu (SHIB) Price Prediction 2024 – 2030
