Story Highlights
- SHIB memecoin fails to retest its March 2024 high.
- A bullish reversal could push the price toward its crucial resistance of $0.000030.
- The daily SMA indicator acts as a support, but the RSI indicator records a steep decline.
With Bitcoin price recording a drop of ~1% in the past 24 hours, the crypto market has recorded a mixed price sentiment. Moreover, some tokens have recorded a double-digit drop within hours. This highlights increased price volatility in the crypto space.
Following this, the SHIB price has failed to break out of its important resistance level of $0.00003080. Amid ongoing pullback, are you planning to invest in this memecoin before it slingshots toward a new ATH?
SHIB Memecoin Fails To Retest Its Crucial Resistance Level!
After recording a meteoric price action over the past week, the Shiba Inu price has experienced a significant pullback in its valuation this week. Notably, it has dropped 12.56% in the past day and 20.53% over the past 48 hours.
The Simple Moving Average (SMA) displays a constant support to the Shiba Inu price chart in the 1D time frame. This indicates an increase in the buying-and-selling pressure for the meme coin in the market.
However, the RSI indicator has experienced a sharp drop with its average trendline recording a high possibility of a bearish convergence in the price chart. This suggests a mixed price sentiment for the SHIB crypto token.
Will SHIB Price Rise Back Up?
If the bulls maintain the Shiba Inu price above its support level of $0.00002350, this could result in the memecoin retesting its resistance level of $0.00003080. If the bullish sentiment sustains, the SHIB price could head toward its upper resistance level of $0.0000380.
On the other hand, if the bears continue gaining momentum, this memecoin will break its support trendline of $0.00002350 and plunge toward its lower support trendline of $0.000170 during the upcoming time.
To understand the possibilities of the memecoin achieving the target price of $0.0001, Read our Shiba Inu Price Prediction!
FAQs
With a 24-hour change of -12.56%, this crypto token is currently valued at $0.00002414.
The crucial support level of this memecoin is $0.0000170 and it’s yearly low of $0.00000822.
With a potential surge, the SHIB coin price may achieve a high of $0.000040 this year.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed