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.

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.

Top 15 Cryptocurrencies to Watch in 2023

Stay informed about the latest ICO projects and alternative cryptocurrencies by regularly exploring the curated list of the top 15 most promising digital assets to watch in 2023.

This carefully selected roster has been compiled by industry experts from Industry Talk and blockchain, ensuring you have access to professional recommendations and insights.

Stay ahead of the curve and discover the potential of these cryptocurrencies as you navigate the ever-evolving world of digital assets.

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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