Price Analysis

What’s in Store for SHIBA INU Price in July? Will the Bullish Really Sustain?

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In the last seven days, the Shiba Inu price has risen as sentiment in cryptocurrencies and stocks has improved. SHIB is currently trading at $0.000009, up 65 percent from its low point in June. The cryptocurrency is currently trading at the same level as it was at the beginning of the month.

After plummeting to its lowest point in June, the Shiba Inu price has made a strong comeback. From its lowest point earlier this month, the coin has gained by approximately 65 percent. Its total market capitalization now stands at over $3.5 billion. It climbed to 28th place among all cryptocurrencies. 

The fact that the coin was included in Coinbase Pro in June is largely responsible for its rebound. When cryptocurrencies are listed on a big exchange like Coinbase or Binance, they usually surge well. Investors remained optimistic that the coin will recover and become a viable alternative to Dogecoin.

SHIB Price Analysis

The Shiba Inu price has been steadily increasing over the last three days, as shown by the hourly data. The coin has broken beyond a key resistance level of $0.0000084, which was the highest point on June 19 and 25. The 25-day and 50-day exponential moving averages are also supporting the upward trend (EMA).

The coin has also produced a bullish pennant pattern, which is illustrated in black. If the digital asset can overcome the declining 50-day SMA, it may rally 30% before identifying relevant resistance and interested sellers.

As a result, there’s a chance SHIB will break out higher in July. If this occurs, the next major resistance level will be $0.0000098, which is around 9% higher than the present level. On June 15, this was the highest point. A drop below the support level of $0.0000084, on the other hand, will invalidate this prediction.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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