Shiba Inu Struggle Continues As Altcoins Rally With Over 70% Gain; Here Is Why
- SHIB’s price shows much strength after breaking out from its long-range channel movement.
- SHIB trade with good volume, breaking out from a range channel as the price eyes a rally past to a region of $0.0000135.
- SHIB’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA) but faces resistance at 200 EMA.
Shiba Inu (SHIB) price showed some great price action as the price rallied, trying to mimic the price of DOGE after seeing the price of DOGE rally by over 150%. The price of Shiba Inu (SHIB) tried to replicate this rally as the price broke out from its long-range movement, but the price has recently struggled. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. Shiba Inu’s price (SHIB) is calmer in terms of price movement. (Data from Binance)
Shiba Inu (SHIB) Price Analysis On The Weekly Chart
The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more.
The new week has looked more promising for some altcoins, like A MASK rallying over 200% in less than 7 days, showing the price action and volume for buy orders. The price of SHIB has yet to live up to the expectations expected of this great memecoin.
After dropping from its high of $0.00008 some months back, the price of SHIB has struggled to pull off a rally that has left many in euphoria just like other memecoins, with many faithful hoping SHIB joins the part soon.
The price of SHIB saw its trade at a low of $0.00000850 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $0.000015, where it was rejected to a region of $0.000011.
Weekly resistance for the price of SHIB – $0.000014.
Weekly support for the price of SHIB – $0.000011.
Price Analysis Of SHIB On The Daily (1D) Chart
In the daily timeframe, the price of SHIB continues to look strong as the price holds above the range channel it broke out of as bulls continue to defend this region from bears taking over prices and pushing the price back into its range movement.
SHIB currently trades at $0.0000119, just above its key support formed on the daily timeframe after successfully breaking out of its range channel with good volume.
The price of SHIB continues to look strong as it holds above the range channel after its breakout; SHIB’s price needs to reclaim $0.0000145 to ignite any relief; trading close to the range channel is not a good sign for SHIB prices.
Daily resistance for the SHIB price – $0.000014.
Daily support for the SHIB price – $0.000011.
Featured Image From zipmex, Charts From Tradingview