Is a new bull market starting as SHIB gains 5% in 7 days?

During the past week, Shiba Inu (SHIB) has experienced a 5% increase, bringing its price to 0.00000781.

However, the cryptocurrency quickly reversed its upward movement and started testing the double bottom support at $0.00000740.

It is worth noting that this support level coincides with an upward trendline, further emphasizing its significance.

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Shiba Inu Price

The current price of Shiba Inu (SHIB) is $0.000007, with a 24-hour trading volume of $128,372,878.

In the past 24 hours, Shiba Inu has experienced a 3.07% decrease. According to CoinMarketCap, it is currently ranked #18, with a live market capitalization of $4.4 billion.

The circulating supply of SHIB coins is approximately 589,347,837,211,088.

Shiba Inu Price Prediction

Shiba Inu (SHIB) is currently trading slightly above 0.00000740 after facing notable resistance at $0.00000781.

An analysis of the four-hour timeframe reveals the presence of Doji and bullish engulfing candles, indicating a strong bullish sentiment in the market.

In addition, both the 50-day exponential moving average and the RSI indicator suggest a selling trend, indicating that SHIBA is in the oversold zone, which may present a buying opportunity.

On the hourly chart, the 50-day exponential moving average acts as a reliable resistance level around $0.00000764.

A bullish cross above this level could potentially drive SHIB towards the $0.00000781 mark and even higher, possibly reaching $0.00000819.

On the other hand, if SHIB breaks below $0.00000740, the next significant support level is likely to be found around $0.00000701.

In summary, it is important to monitor the $0.00000740 level for Shiba Inu. Above this level, we can expect a bullish trend, while a bearish breakout may lead to a bearish scenario. This level can be considered a pivot point, and it is advisable to explore buying opportunities above this threshold.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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