Shiba Inu Price Holds Above $0.00001 – Is It Time For A Rally?
23 April 2023 - 8:55PM
NEWSBTC
Following its disappointing market dip last week, the price of
Shiba Inu (SHIB) seems to be in recovery at the moment. In fact,
some analysts are backing the meme-inspired token to embark on an
impressive bullish run anytime from now. Over the past 24 hours,
Shiba Inu seems to be on a reversal after losing nearly 10% of its
value during the week. Today, SHIB is up by 2%, and it appears to
be building momentum for a price rally. Related Reading: Shiba Inu
Remains In Red Despite Whales SHIB Buying Spree Shiba Inu Holds
Above Critical Support Shiba Inu has been on a downward trend in
the past few days, despite the buying frenzy by the SHIB whales. It
is, however, worth noting that this whale accumulation trend has
somewhat slowed down in the last 24 hours. Bitcoin, the largest
cryptocurrency by market cap, experienced a significant price drop
in the previous week, which affected the entire crypto market. It
is understood that the latest bearish trend of the blue-chip crypto
impacted the value of several altcoins, including SHIB. The Shiba
Inu price decline started on Wednesday, 19th April, with the coin
losing more than 5% of its value in one day. The meme token would
fall by a further 7.47% in the next few days. However, SHIB has
displayed remarkable strength and stability by not sliding beneath
the $0.00001 price level, which was last breached on March 10.
Since rising back above this level on the same day, the Shiba Inu
market has been in consolidation, with its price ranging between a
low of $0.0000101 to a high of $0.0000117. Time For A Rally? As of
this writing, a SHIB token is valued at $0.00001046, according to
data from CoinGecko. This reflects a nearly 3% increase since the
coin found support at the critical $0.0000101 level. Shiba Inu
trading at $0.00001041 | Source: SHIB/USD chart from TradingView
Shiba Inu’s ability to hold above this significant support level is
a strong indicator of bullish momentum. After all, this threshold
has proven to be a vital point a couple of times already. A
sustained hold above this level would likely lead to a major price
upswing. Additionally, going by past price action, Shiba Inu looks
set for another retest of the range high at $0.0000117. If there is
prolonged buying pressure, we could see SHIB break this level to
the $0.0000126 point. This move would represent a 20.4% increase
from the current price. While this projection looks very much
plausible, it may not go as planned if the SHIB price does not
gather enough bullish momentum from this current run. Related
Reading: Shiba Inu Whales On Buying Spree, Add 311 Billion Tokens
During Price Dip Featured image from Dreamstime.com, chart from
TradingView
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