The memecoin category continues to display a neutral trend, indicating a weak interest of investors in it. On the other hand, the Shiba price has recorded the highest single-day jump of over 5% in valuation after trading sideways for over two weeks.
The Shiba Inu price traded in a closed range between $0.00001054 and $0.00001093 for a period, following which the market lost momentum, and the Shiba Inu price recorded a correction of 12.15% in valuation within a day. After this, the price traded in a consolidated range between $0.00000926 and $0.00001012 for the next few days.
As the market volatility grew, the Shib memecoin recorded another correction of just over 13% in value. The bulls held the price above the support level of $0.00000843, resulting in a bounce back in the chart. The SHIB coin price jumped back into the closed range, leveling all its losses from the recent drop.
After trading sideways for a while, the bulls displayed another jump of approximately 14% in valuation before facing rejection at $0.00001054. Following this, the price traded under a strong bearish influence and lost over 20% in twelve days. After testing its crucial support level of $0.00000843, the bulls gained enough to break out of its resistance level.
Since then, the price has been trading in a closed range between $0.00000879 and $0.00000926 and is facing repeated rejection at its resistance level, highlighting a strong liquidation point at that level.
Will Shiba Inu Go Up?
The technical indicator, MACD, shows a rising pattern in the green histogram, indicating increased buying-over-selling pressure in the market. Further, the averages display a constant rise in the chart, suggesting a strong bullish influence in the crypto space.
If the market pushes the coin price above its resistance level of $0.00000926, the Shiba Inu price will regain momentum and test its upper resistance level of $0.00000969. Maintaining the price at that level will set the stage for the SHIB token to attempt to test its resistance level of $0.00001012 this month.
Conversely, if a trend reversal occurs, the memecoin will lose momentum and fall to test its support level of $0.00000879. Moreover, if the bears continue to hold power over the bulls, it will further plunge and prepare to test its lower support level of $0.00000843 in the coming time.
