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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Shiba Inu (SHIB), one of the most popular dog-themed meme coins in the cryptocurrency market, has recorded a 3.02% increase in the last 24 hours and has made a solid comeback at $0.00000908 after the retest.
SHIB price is trading above the 200-day EMA again. The meme coin could break the $0.000010 level if it continues to rise.
Shiba Inu price analysis:
Over the past 60 days, the Shiba Inu price has gained 53.96% thanks to a strong support point. The pattern on the chart maintains the upside momentum as the $0.0000090 level is broken.
The imminent Shibarium launch has increased speculation in the market. The core developers stressed the importance of the integration of Self-Sovereign Identity (SSI) into the second layer of the price, which is essential for future growth prospects.
The SHIB has had a consistent decline since March 2023, marked by a resistance trendline, resulting in a death cross. This negative trajectory was supported by a key overhead resistance at $0.000012. As a result, there was a 43% decrease by June 2023.
However, the signs suggest that the bearish stage has reached its limit and the prices of the Shiba Inu have entered an uptrend as of $0.000006677. This shift is indicative of a growing positive sentiment towards the meme coin with the unwavering support of SHIBArmy.
Additionally, a golden crossover is also likely to rise in line with the strengthening 50-day EMA.
Fueled by increased market sentiment and demand, Shiba Inu price is poised to surpass the $0.000010 threshold this week. Analysts predict that the price will rise to $0.00001179 by the end of August.
On the other hand, support could be retested if there is a drop below $0.0000090. In this case, the price of the popular meme coin may drop by 8%.
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