Shiba Inu Price Prediction Hints 18% Jump Before September End

Shiba Inu Price Prediction Hints 18% Jump Before September End

A potential reversal from $0.000007 monthly support has set the SHIB price significant rally

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In the midst of its ongoing correction phase, the SHIB price has begun to obtain notable buying interest around the $0.000007 threshold. The daily chart reveals a shift from the previous descending trajectory to a more lateral movement, symbolizing a depletion of the bearish drive. As the overall sentiment in the cryptocurrency market tilts toward recovery, the meme coin traders might leverage this newfound base at $0.000007 as a catalyst for a revitalized ascent.

Also Read: Shiba Inu (SHIB) Burn Rate Jumps 276% Amid Crucial Ecosystem Update

Can SHIB Price Reclaim $0.000008 Mark?

  • The SHIB price witnessed increased buying pressure near the $0.0000007 mark.
  • The formation of a double bottom pattern hints potential upswing
  • The intraday trading volume of the Shiba Inu coin is $83 Million, showing a 10% gain.

Shiba Inu Price PredictionSource- Tradingview

With an intraday gain of 1.66%, the Shiba Inu price revealed a bullish morning star candle configuration right at the $0.000007 juncture. This second reversal in price within a month at the aforementioned support led to the inception of a bullish technical pattern – the Double Bottom

In theory, this pattern showcases the accumulation of buyers at these lower levels, serving as a signal for a forthcoming bullish phase. Given the momentum of this technical formation, the coin’s trajectory is expected to intersect and possibly breach the immediate resistance set at $0.0000076. 

A convincing surge past this pivotal resistance, validated by the close of the daily candle above it, could furnish buyers with an optimal foundation to propel the price even higher. The post-breakout rally would elevate the coin’s valuation by an additional 15%, aiming for the $0.0000087 milestone.

SHIB vs DOGE Performance

Shib vs DogeSource: Coingape| Dogecoin Vs Shiba Inu Price

An overview of SHIB price performance over the trailing three months unveils a consistent bearish undertone since the latter part of August. The persistent establishment of lower lows and highs accentuates the seller’s dominance in this asset. 

Meanwhile, in a contrasting scenario, the Dogecoin price seems to navigate a more sideways course, signaling its inherent resilience amidst the overarching bearish climate.

  • Bollinger Bands: The lower boundary’s uptick on the Bollinger Bands suggests the buyers could obtain additional support from this indicator
  • Relative Strength Index: The daily RSI slope above the 40% mark signifies the increasing bullish momentum.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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