- SHIB price is showing strength as it continues its rally, tracking a high of $0.00002 as the price replicates DOGE.
- SHIB may rally higher as price forms a bullish bias and stays above its range channel after a successful breakout.
- SHIB price remains strong on all time frame as price 50 . is above exponential moving average (EMA).
The price behavior shown by the Shiba Inu (SHIB) over the past few days is a replica of what we see with the DOGE price over the past few days as it continues to lead the charge for the Memecoin rallies. Although the price of the Shiba Inu (SHIB) has been in the shadow of DOGE, it has not neglected the fact that the price has been good. With uncertainty in the cryptocurrency market, will this race continue? (data from Binance)
Shib Inu (SHIB) Price Analysis on Weekly Chart
The crypto market is increasingly welcoming as several altcoins have continued to produce gains of over 150% in the past 7 days after exiting their range-bound movement. The likes of DOGE have seen a rally of some great runs with their rival SHIB.
Last weeks were tough for the crypto space, with many altcoins struggling to maintain their key support areas. With the week looking more promising and bitcoin (BTC) prices gaining traction, the crypto market has enjoyed some degree of respite, but the same cannot be said for the new month as things look a bit different in terms of prices. Looks like.
After a weekly close above $0.00001, SHIB price reached a high of $0.00001300; The price faced a minor rejection to break the $0.00015 area; The price struggled to break above this area.
SHIB price has maintained its bullish structure above the $0.000012 area as SHIB price makes a rally towards the $0.000018-$0.00002 area.
Weekly resistance for SHIB price – $0.00018-$0.00002.
Weekly support for SHIB price – $0.000012.
Price Analysis of SHIB on Daily (1D) Chart
On the daily time frame, SHIB price continued to look strong as the price remained above its range channel, providing strong support from sellers to stop the price.
SHIB is currently trading at $0.00001290, which is just above its key support formed at $0.00001 after a successful breakout from a range channel with good volume as the price tried to mimic the performance of DOGE.
SHIB price needs to break above $0.000014 and hold for more rallies in the $0.00002 zone
Daily resistance for SHIB price – $0.0000014.
Daily Support for SHIB Price – $0.000011.
Featured Image From zipmex, Charts From Tradingview