Price Analysis View Non-AMP

Will Shiba Inu Take A 46% Breakout Route to $0.000025?

Published by
Sohrab Khawas

With a bullish failure to regain a decisive rally, the top meme coins are facing massive overhead supply pressure. Amid the bear market, Shiba Inu price action reveals a constant struggle to overcome the bearish influence. 

Will the second biggest meme coin in the crypto space manage to kickstart a breakout rally? Read this SHIB price analysis for more details.

Shiba Inu Price Performance

With a market cap of $10.05 billion, the Shiba Inu token is currently trading at $0.00001706. In the past 24 hours, the SHIB meme coin has dropped by 2.80%. 

In the daily chart, the Shiba Inu price action reveals a major overhead resistance trendline, keeping the bullish growth in check. Currently, the recent bear cycle from the overhead trendline took support at the 50-day EMA before forming a bullish engulfing candle of 8.21% on October 4. 

Technical indicators:

RSI: The daily RSI line reveals a sideways trend slightly above the halfway line, ready for a bullish reversal. 

EMA: The gradual rise in bullish influence teases a golden crossover between the 50-day and 200-day EMA. Hence, the momentum indicator reveals a surge in buying pressure.  

Will SHIB Price Reclaim $0.000025?

The recovery rally failed to surpass the 23.60% Fibonacci level at $0.00001908, resulting in a pullback to the 200-day EMA. Currently, it is trading with an intraday gain of 1.22%, sustaining dominance above the 200-day EMA. 

Hence, the technical indicators are projecting a bullish possibility. Based on the Fibonacci levels, the trendline breakout will likely result in a price jump to the 50% or 78.60% Fibonacci level at $0.000026 or $0.000033, respectively. 

On the flip side, the crucial supports are present at the 50-day EMA at $0.00001583 and $0.00001421 support levels.

Curious to know if Shiba Inu will make a bullish comeback? Read Coinpedia’s SHIB price prediction to find out the next bullish targets!

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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