SHIBA INU Price Analysis: Bulls Lose Momentum After Strong Rally

The Shiba Inu token has been one of the most sought-after meme coins,

reaching a six-month peak and forming a U-shaped pattern, with some investors taking profits at the higher levels.

The Shiba Inu (SHIB) cryptocurrency has seen a remarkable surge above the $0.000012500 resistance against the US Dollar. This bullish momentum has been further bolstered by the formation of a strong support base above the $0.000010000 level, allowing the bulls to drive the price up to the $0.000012000 and $0.000014000 resistance levels. With the current bullish sentiment, SHIB could potentially continue to rally in the near future.

The price of the coin has skyrocketed in recent days, smashing through the $0.000015000 resistance and outperforming both Bitcoin and Ethereum. It reached a new 2023 peak of $0.000015750 before commencing a short-term downward correction.

The price of the coin dropped below the $0.000015000 and $0.000014000 levels, forming a low of $0.000013760. This was below the 23.6% Fibonacci retracement level of the bullish move from the $0.000011300 low to the $0.000015750 peak. Nevertheless, the bulls were quick to act, buying up the asset at the lower level, and the price is now trading above $0.000014000.

The SHIB price is currently trading below $0.000014400 and the 100-hour simple moving average. Additionally, a key bullish trend line is forming with support near $0.000013800 on the 4-hour chart of the SHIB/USD pair.

On the upside, there is an immediate hurdle at the $0.000014500 level. The first major hurdle lies between $0.000015200, which, if broken, could potentially spark an upward surge in the price. If the current scenario plays out, the price could reach as high as $0.000016500. Further advances could then propel the price to the $0.000018000 barrier.

If SHIBA fails to break above the $0.000014500 barrier, it may continue to decline. On the downside, the major support level is at $0.000013600, with the 50-hour simple moving average providing initial support. If the price falls below $0.000013000, selling pressure could intensify, potentially pushing SHIBA towards the $0.000011000 support zone in the near future.

According to Price Analysis, the market capitalization of this SHIBA INU is expected to be $7,760,044,294. The coin's 24-hour trading volume is nearly $442,852,609. The market capitalization of SHIB has risen by 0.47%. However, trading volume decreased by 11.76% during intraday trading.

KEY LEVELS :

RESISTANCE LEVEL : $0.000014800-$0.000015800

SUPPORT LEVEL : $0.000013600-$0.000013000

The Shiba Inu (SHIB) price has reached its yearly high after a massive rally, but indicators suggest that traders are worried about a potential pullback. Please provide your helpful feedback using the form below.