The Shiba Inu price has witnessed a notable surge recently, despite the growing FUD in the crypto market. This increase is believed to be associated with the listing of Shiba Inu Ecosystem's Token LEASH on the custody-free cryptocurrency exchange, StealthEX.
Following 7 MAY, SHIBA INU surpassed its previous highs as the price continued to rally for nearly two months, driven by the ascending wedge pattern.
In recent days, the price of Shiba Inu has surged significantly, possibly influenced by the listing of Shiba Inu Ecosystem's Token LEASH on the custody-free cryptocurrency exchange, StealthEX. During this rally, buyers successfully broke out from the resistance trendline of the wedge pattern, indicating a bullish trend and potential for further recovery.
Shiba Inu price exhibits an impressive intraday gain of 9.50%, showcasing a robust breakout from the upper trendline. This favorable development gives buyers a solid foundation for further upward movement. The post-breakout rally has the potential to surge 26%, reaching $0.00001200.
In a recent positive price trend, SHIB managed to surpass both the 50 and 100-day EMA, marking a modest yet significant achievement. However, the coin now faces a challenging hurdle in the form of the 200-day EMA, valued at $0.00000990. Another bullish indication is that the meme coin recently broke free from the confines of an ascending triangle formation that had constrained its movement since mid-June.
The first hurdle is at the $0.000009750 level, followed by a major resistance zone between $0.000009900 and $0.00001000. A successful breakthrough at this juncture could ignite a substantial upward trend in the token's value. Sustaining above $0.000010500 might pave the way for an impressive price surge, potentially reaching as high as $0.000011200.
If SHIBA can't break the $0.000009900 barrier, it may decline. The major support is at $0.000009200. Falling below this could intensify selling pressure, pushing it to the $0.000008800 support zone. In the short term, the price might reach the $0.000008500 support zone.
According to Coingabbar Price Analysis, the market capitalization of this SHIBA INU is expected to be $5,545,161,446. The coin's 24-hour trading volume is nearly $454,722,097.
KEY LEVELS :
RESISTANCE LEVEL : $0.000009750-$0.000010200
SUPPORT LEVEL : $0.000009200-$0.000008800
Could Shibarium Unlock a Trend Reversal? Is Shiba Inu Poised for Bullish Momentum? Share your thoughts on the potential impact of the Shibarium Upgrade and its ability to drive the Shiba Inu price to $0.01 in the comment box below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
