Following the price pump, memecoins have gained significant attention from the crypto market with top tokens adding over 10% each to their respective portfolios. This highlights a positive price action for these in the upcoming weeks.
The Shiba Inu price continues to walk in the footsteps of the category leader and displays a similar trend by adding over 5% to its valuation within the past 24 hours and adding over 13% over the past seven days.
SHIB Price Records A Trend Reversal!
The Shiba Inu price traded in a closed range between $0.00000879 and $0.00000923 for about a week, after which the bulls jumped over 6.5% within the next two days. Following this, the price traded in a closed range between $0.0000923 and $0.00000971 for the next five days.
As the market volatility grew, the bulls successfully broke out of the resistance level, but the rally was short-lived as the price faced rejection at $0.00001012, after which the memecoin displayed a neutral trend for a brief period.
The bulls struggled to hold the price above the support level of $0.00000971, resulting in the price experiencing a pullback in the chart. The SHIB coin traded between $0.00000923 and $0.00000971 for the next five days, indicating a weak price action for the coin in the crypto market.
Recently, the bulls regained momentum and recorded a notable jump of over 20% within the next two days. Since then, the price has been trading in a closed range between $0.00001074 and $0.00001142.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the histogram, highlighting a rise in the selling-over-buying pressure in the market. Moreover, the averages show a bearish curve, suggesting a negative price action for the memecoin in the coming time.
Will Shiba Inu Price Increase?
If the Market holds the SHIB price above the support level of $0.00001074, the bulls will regain momentum and retest its resistance level of $0.00001142. Further, if the bulls hold the price at that level, it will set the stage for Shiba Inu Price to attempt to test its upper level of $0.00001197.
Negatively, if the bears gain control over the bulls, the memecoin will start trading under a bearish influence and test its support level of $0.00001012. Moreover, if the bulls fail to regain momentum at that level, it will plunge and prepare to test its lower level of $0.00000971 in the coming time.
