The memecoin market has displayed a drop of 2.43% over the past day despite the cryptocurrency market stabilizing this week. With a trading volume of $4.18 billion, the meme mania is currently valued at $45.12 billion.
Top meme coins such as Dogecoin, Shiba Inu, and Pepe coin have each lost over 3% over the past day. Notably, with a market cap of just under $7 billion, the Shiba Inu price is currently on the verge of experiencing a major price action in the upcoming time.
With this, the memecoin community is concerned about the short-term prospects of the second-largest dog-themed project of the crypto-verse. In this write-up, we will understand the latest Shiba Inu news, its market sentiments, and possible weekly SHIB price prediction.
SHIB Price Records Increased Price Volatility!
While the weekly returns of this meme coin are +10%, this meme coin has lost approximately 12% over the last 30 days and has a Year-to-Date (YTD) return of (-)43.79%. This highlights a meteoric rise in the selling-over-buying pressure for this project in the cryptocurrency market.
The Moving Average Convergence Divergence (MACD) records a constant red histogram in the daily time frame with EMA 12 & 26-day witnessing a similar price trend. This technical indicator hints at an increase in the bearish action in the crypto space for this meme coin.
On the other hand, the 200-day acts as a major support to the price chart with its EMA 50-day displaying a parallel price action. This suggests a mixed sentiment for the second-largest meme coin by market cap.
Will Shiba Inu Go Up?
If the market favors the bulls, the SHIB price could retest its immediate resistance level of $0.00001250 shortly. Maintaining the price above that level could push the value of this memecoin toward its upper price target of $0.00001355 in the upcoming time.
On the contrary, if the bears outrun the bulls, the price of Shiba Inu could retest its support zone of $0.00001145. Furthermore, if the bearish sentiment sustains, it could crash toward its crucial support trendline of $0.0000100 this month.
Also Read: Memecoin Mania: DOGE, SHIB, and PEPE Jump 15%, What’s Next?
