Despite a positive price among the top altcoins, Shiba Inu price continues to struggle around its pivotal resistance/support trend level. While Dogecoin, Pepe, Trump coin, & Bonk memecoins record a positive rally, SHIB coin has recorded a drop of ~2% in 24 hours.
With this, the meme coin community is concerned about the future of the 2nd most successful memecoin ever. Notably, the Shiba Inu coin has plunged 41.34% this year and is currently down by 86.13% from its all-time high (ATH) of $0.00008845. This suggests a long-term bearish action for this Ethereum-based project.
Considering the present market sentiments, will Shiba Inu go up this week? Or is a major price crash around the corner? In this article, we will understand the market analysis and weekly Shib price prediction!
SHIB Memecoin On The Verge Of A Major Breakout?
The Shiba Inu price today has recorded a correction of 1.83% with a trading volume of $156.42 million, a change of +43.36% during this period. This totals about 2.14% of its market cap of $7.32 billion. With a circulating supply of 589.25 trillion and a listed price of $0.00001235, this meme coin holds a market dominance of 0.2667%.
The Simple Moving Average (SMA) is on the path to achieving a positive crossover in the 1D time chart. This shows an increase in the bullish action for the second-largest meme coin this week.
Similarly, the RSI technical indicator has breached the neutral point and is constantly headed toward the overbought range in the Shiba Inu price chart. Considering the present sentiments, this meme coin may continue to record an upward trend in the upcoming time.
Will Shiba Inu Rise This Week?
The SHIB coin price may breach its resistance trendline and head toward its $0.0000150 mark if the market favors the bulls. Furthermore, if the positive sentiment intensifies, this could result in the meme coin price preparing to test its upper target price of $0.000020.
However, if the bears regain dominance, the Shiba Inu coin price could experience a pullback within the descending channel pattern. Moreover, if the bearish sentiment gains traction, the price of this altcoin could further plunge toward its crucial low of $0.00001025 this week.
Also Read: XRP Set for 70% Rally Amid Coinbase Futures Debut
