- SHIB’s price shows strength as it continues its rally, with eyes set on a high of $0.00002 as the price tends to mimic DOGE.
- SHIB could rally more as the price creates a bullish bias and holds above its range channel after a successful breakout.
- SHIB’s price remains strong on all timeframes as the price trades above the 50 Exponential Moving Average (EMA).
The price action shown by Shiba Inu (SHIB) in the past few days has been a replica of what we see with the price of DOGE in the past few days as it continues to lead the charge for memecoin rallies. Although the price of Shiba Inu (SHIB) has been under the shadow of DOGE, that hasn’t neglected the fact that the price has had a good run. With uncertainty in the crypto market creeping in, would this run be sustained? (Data from Binance)
Related Reading: On-Chain Data Suggests Bitcoin Bottom Comparable To Previous Cycles
Shib Inu (SHIB) Price Analysis On The Weekly Chart
The crypto market is looking increasingly welcoming as many altcoins continue producing over 150% gains over the past 7 days of breaking out of their range-bound movement. The likes of DOGE have seen some great runs rally accompanied by its rival SHIB.
The past weeks were tough for the crypto space, with many altcoins struggling to hold up their key support areas. With the week looking more promising and Bitcoin (BTC) prices gaining traction, the crypto market has enjoyed a measure of relief, but this can not be said for the new month as things begin to look slightly different in terms of prices.
After its weekly close of above $0.00001, the price of SHIB rallied to a high of $0.00001300; the price faced a minor rejection to break higher to a region of $0.000015; the price struggled to break above this region.
The price of SHIB has maintained its bullish structure above the $0.000012 region as the price of SHIB eyes a rally to a region of $0.000018-$0.00002.
Weekly resistance for the price of SHIB – $0.000018-$0.00002.
Weekly support for the price of SHIB – $0.000012.
Price Analysis Of SHIB On The Daily (1D) Chart
In the daily timeframe, the price of SHIB continued to look strong as the price held above its range channel, forming strong support to hold off the price from sellers.
SHIB currently trades at $0.00001290, just above its key support formed at $0.00001 after its successful breakout from a range channel with good volume as the price tried mimicking DOGE performance.
The price of SHIB needs to break and hold above $0.000014 for more rallies to a region of $0.00002
Daily resistance for the SHIB price – $0.000014.
Daily support for the SHIB price – $0.000011.