Shiba Inu (SHIB) Price Eyes A 100% Rally, But There’s A Catch?

As the price of Bitcoin reclaimed the $64,000 level, the meme coin market has taken a rise. Notably, some mid-cap and low-cap memecoins have recorded a surge of up to three digits. This highlights a rising interest of investors in it.

Following this investors are curious about the possibility of memecoin mania. Dive in as, in this article, we uncover the market sentiments and price prospects of Shiba Inu (SHIB) memecoin for the upcoming week.

SHIB Price Records Consolidated Action:

With a jump of ~2% in the past 24 hours with a trading volume of $174.77 million, the Shiba Inu price has successfully reclaimed the $0.0000150 mark during the early Asian trading hours. Furthermore, it has jumped ~10% over the past week, indicating increased bullish sentiment.

However, the memecoin has continued trading within a consolidated range between $0.00001175 and $0.0000170 since July. this highlights weak buying and selling pressure for the SHIB memecoin in the cryptocurrency market.

The Simple Moving Average (SMA) constantly acts as a support to the SHIB price chart in the 1D time frame. This indicates a strong bullish sentiment for the second largest memecoin in the crypto space.

Further, the RSI indicator displays a constant rise toward the overbought range. This suggests a positive outlook for the Shiba Inu price during the upcoming weeks.

Will Shiba Inu Price Hit $0.000023?

If the market regains momentum, the SHIB coin price will test its important resistance level of $0.0000170 in the coming time. Moreover, if the bullish sentiment intensifies, this could result in it heading toward its upper resistance level of $0.00002350.

On the flip side, if the bears overpowered the bulls, this could result in it plunging toward its crucial support level of $0.00001175 during the coming time.

Want to know if SHIB will initiate a 2021-like rally? Read our Shiba Inu Price Prediction!