Despite its price rise among the top altcoins, Shiba Inu still struggles to reach the pivotal resistance/support level. While Dogecoin, Baby, Trump Coin, and Punk Meme Coin recorded positive increases, Shiba Inu faced a decline of about 2% over 24 hours.
With this, the meme coin community is concerned about the future of the second most successful meme coin of all time. Notably, Shiba Inu has decreased by 41.34% this year, and it is currently down by 86.13% from its all-time high (ATH) of $0.00008845. This suggests a long-term bearish trend for this Ethereum-based project.
Given the current market trends, will the price of Shiba Inu rise this week? Or is a sharp collapse imminent? In this article, we will cover market analysis and weekly price predictions for Shiba Inu!
Is the SHIB Memecoin on the verge of a major breakout?
Shiba Inu's price today recorded a correction of 1.83%, with a trading volume of $156.42 million, an increase of 43.36% during this period. This represents about 2.14% of its market value of $7.32 billion. With a circulating supply of $589.25 trillion and a listed price of $0.00001235, this cryptocurrency dominates the market by 0.2667%.
The Simple Moving Average (SMA) is on its way to achieving a positive crossover on the one-day time chart. This indicates an increase in the upward trend of the second largest meme coin this week.
Similarly, the Relative Strength Index (RSI) has broken the neutral point and is consistently trending towards the overbought range in Shiba Inu's price chart. Considering current trends, this prominent coin may continue to record an upward trend in the coming period.
Will the price of Shiba Inu rise this week?
The price of SHIB may break through the resistance line and head towards the level of $0.0000150 if the market prefers to rise. Moreover, if positive sentiment strengthens, this could lead to the meme coin's price getting ready to test its higher target price of $0.000020.
However, if the bears regain control, the price of Shiba Inu may decline within a descending channel pattern. Furthermore, if bearish sentiment gains momentum, the price of this altcoin could drop further towards its low of $0.00001025 this week.
