As the Bitcoin price reclaims the $63,000 mark, the memecoin category has experienced a strong bullish action with some tokens recording a massive surge in their respective portfolio within a short period.
Following this, top meme coins such as Dogecoin and Shiba Inu have regained traction. Moreover, with technical indicators turning bullish, is the Shiba Inu price prepared for a breakout rally? Scroll down to uncover the possible price factors for this month!
Amid increased price volatility in the cryptocurrency market, the Shiba Inu price has jumped ~4% in the past 24 hours with a trading volume of $546.169 million, a change of +118.42%. With this, it has successfully held its value above its important support/resistance level.
Despite recording a drop of 1.93% over the past week, this meme coin has soared 38.81% during the past month and has a Year-to-Date (YTD) return of +73.34%. Notably, with a market capitalization of $10.567 billion, this Ethereum-based project has secured the 13th position in the market.
The EMA 50/200-day shows an increase in the trend. Further, it hints at a potential Golden Cross in the 1D time frame, highlighting a potential bullish reversal in the coming time.
The RSI indicator continues hovering above the neutral point. However, the average trendline acts as a resistance, indicating a mixed price sentiment for the memecoin in the market.
If the bulls continue gaining momentum, the Shiba Inu price could retest its resistance trendline of the triangle pattern. A bullish breakout could potentially result in it heading toward its resistance level of $0.00002350 in the coming time.
Conversely, if the bears regain power, the 2nd largest memecoin could retest its support level of $0.0000170. Further, a breakdown could result in the SHIB coin price plunging toward its crucial low of $0.00001175 this month.
Also read, Shiba Inu (SHIB) Price Prediction 2024 – 2030
XRP is making headlines again, and this time it’s not just about price action. Crypto…
Two cryptocurrencies, Dogecoin and Pepeto, are making headlines in the crypto world. Dogecoin (DOGE) has…
XRP catapulted to $3.84 ATH from its low price—an increase that turned a modest $4,000…
A veteran Wall Street analyst believes that XYZVerse could surpass both ONDO and PI Network…
CoinDCX, one of India’s largest crypto exchanges, has reportedly lost around $44.2 million in a…
XRP is back in the spotlight as excitement grows around its future. With talks of…
