Shiba Inu Price Analysis: Will SHIB Recovery Hit $0.00003 By May End?

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As a crypto investor with some experience under my belt, I’ve learned to keep an eye on market trends and news that could potentially impact the price action of various digital assets. And today, I believe Shiba Inu (SHIB) investors have reasons to be optimistic, despite the recent downtick in the cryptocurrency market.

On Wednesday, the cryptocurrency market experienced a substantial decline, causing Bitcoin and Ethereum, among other leading digital assets, to drop by approximately 1-2%. This downturn came after a period of remarkable growth earlier in the week. It seems the market is now attempting to regain its footing and restore its bullish trend. Shiba Inu and many other major altcoins, however, are currently exhibiting a bearish pattern, providing an enticing opportunity for investors on the sidelines to enter at lower prices.

How Ethereum ETF News is Influencing SHIB’s Price Action

Shiba Inu Price Analysis: Will SHIB Recovery Hit $0.00003 By May End?

For the past seven weeks, the Shiba Inu coin’s trading has seen a correction trend within a symmetrical triangle pattern. Two trendlines, which converged during this time, functioned as both dynamic resistance and support for SHIB‘s price. This convergence resulted in a narrowing price range.

On May 15th, the condensed price range resulted in a significant breach of the upper trendline of the pattern, indicating the conclusion of the corrective phase. This rupture offers potential buying opportunities, strengthening the foundation for further upward momentum.

Additionally, the Ethereum market showed increased buying activity this week, with the coin surging after news broke about a potential spot Ethereum ETF. Amidst the upsurge in altcoins, Shiba Inu hit a 4-week peak of $0.0000268 on May 22nd.

Despite a brief setback, the SHIB price experiences a 3% decrease intraday and dips to $0.00002534. If the bearish trend continues, this memecoin could potentially fall another 4.9%, touching the support line of the mentioned triangle again.

With its robust recovery, the Shiba Inu coin’s bullish trend may regain strength, potentially reaching a goal of $0.000028. Subsequently, there is a possibility for further growth towards $0.0011.

Technical Indicator:

  • Bollinger Band: The coin price challenging the upper boundary of the Bollinger Band indicator highlights the aggressive nature of buyers.
  • Relative Strength Index: The daily RSI slope back above the midline assures a growing bullish sentiment in the market.

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2024-05-22 22:56