- SHIB’s price has dropped 2.85% over the last 24 hours.
- The meme token’s price has also weakened against BTC and ETH.
- Technical indicators on SHIB’s weekly chart are on the verge of flagging bullish.
The popular meme coin, Shiba Inu (SHIB), has seen its price drop 2.85% over the last 24 hours according to CoinMarketCap. At press time, the price of SHIB stands at $0.00001044. This is a small retracement from its daily high, which stands at $0.00001077. The 24-hour low for the meme coin sits at $0.00001019.
In addition to weakening against the U.S. Dollar over the last 24 hours, SHIB has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 2.50% and 2.21% respectively. Despite the 24-hour drop-in in SHIB’s price, the longer time frames still show some bullish signs that investors should take note of.
SHIB’s price has formed a steep ascending price channel on its weekly chart after it printed higher highs and higher lows over the last 4 weeks. This may be an early sign of a rally for the meme coin. The first confirmation of this bullish thesis will be when the price of SHIB breaks the key resistance level at $0.00001374.
Traders could look to ladder into a long position at this point. The next confirmation will be when SHIB’s price breaks above the resistance level at $0.00001865. From this point, SHIB’s price may rally to $0.00002330.
If SHIB’s price drops below the 9-week EMA line, however, then the bullish thesis will be invalidated, and SHIB’s price will drop to the support level at $0.00000933.
The weekly RSI line being positioned below the weekly RSI SMA line and the 9-week EMA positioned below the 20-week EMA are both bearish signs. Once SHIB’s price breaks above the $0.00001107 mark, then SHIB’s medium-term prospects will turn bullish.
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 weekly chart suggests that the meme coin’s price is gearing up for a good 2023. Read more.){kind=link}