- An analyst predicted that SHIB could climb by more than 21% if it stays above an ascending support.
- At press time, SHIB was trading below its 9-day EMA, and was also at risk of dropping below its 20-day EMA.
- Should SHIB fall below these indicators, it may lose the crucial support level at $0.00000757 in the next 48 hours.
A crypto trader known as SHIB Knight shared on Twitter earlier today that he believes Shiba Inu (SHIB) may remain in a “good” place as long as it holds an ascending support that was present on its chart. Should this happen, the trader predicted that it is possible for the meme coin’s price to “delete” another zero.
The post also pointed out that the price of SHIB could climb by as much as 21.45% if the cryptocurrency can remain above the ascending support. Meanwhile, SHIB has broken below the 9-day EMA line over the past 24 hours and was at risk of also losing the support of the 20-day EMA line before the end of today’s trading session.
Should the altcoin close today below these two technical indicators, it may break below the crucial support level at $0.00000757 in the upcoming 48 hours as well. If investors and traders begin to panic sell, SHIB’s price could retest the support at $0.00000704 as well.
On the other hand, a daily candle close today above the 9-day EMA line may lay the foundation for the cryptocurrency to overcome the next key resistance at $0.00000819 in the next few days. This could then clear a path for SHIB to rise to $0.00000917 in the coming week.
In related news, CoinMarketCap indicated that SHIB saw its price drop by 1.56% over the past 24 hours of trading. As a result, the altcoin was worth $0.00000777. Consequently, SHIB ended up weakening against both Bitcoin (BTC) and Ethereum (ETH) by around 0.62% and 0.36% respectively.
However, despite the meme coin’s latest price decrease, its weekly performance was still up by more than 3%. Its market cap of $4,577,299,841 meant that SHIB was ranked as the 19th largest cryptocurrency, which placed it right behind Bitcoin Cash (BCH) with its market cap of $4,599,860,839.
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