- 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.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.