Shiba Inu (SHIB) price expected to surge by 24% by the end of the month.

Shiba Inu (SHIB) price expected to surge by 24% by the end of the month.

A Comprehensive Analysis of the Shiba Inu Price and the Future of Blockchain Technology

The Shiba Inu price has recently experienced a promising uptrend in the 1-day chart since June 10th, which could potentially catapult the price up by 24%. However, investors should proceed with caution, as a downward break of this uptrend could push the SHIB price back into a longer-term downtrend that has been in place since early February. A decision on the future direction of the Shiba Inu price is likely to be forthcoming by the end of the month.

Shiba Inu Price Prediction

From a technical perspective, Shiba Inu has established a new uptrend over the last month, pushing the price up by 29% from the local low at $0.00000597. This upward trend has been defended remarkably well, as shown in the 1-day chart. The expectations for the launch of Shibarium at the ETHToronto conference in mid-August could potentially play a significant role in sustaining this positive momentum.

SHIB price continues uptrend, 1-day chart

However, in the short term, SHIB is currently facing a challenge with support at the 20-day EMA (Exponential Moving Average) line. Over the past two days, SHIB has managed to close above this support at the end of each trading session. If the altcoin manages to close above the 20-day EMA line today, the uptrend (black line) will be defended once again.

This could potentially lead to a new bounce towards the 23.6% Fibonacci retracement level. Up until now, SHIB has failed to close above the $0.00000832 resistance on a daily basis in three attempts. However, the convergence of the resistance line of the 23.6% Fibonacci level and the rising trend line by the end of the month could signal a weakening resistance and an imminent breakout to the upside. The higher lows indicate that bulls are gaining the upper hand in the market.

If this breakout is confirmed, SHIB could rise towards the 200-day EMA, which currently sits at $0.00000953, close to the psychologically important resistance level of $0.00001. At this point, we may expect greater selling pressure. Based on the current price level, SHIB might experience a 24% rally.

On the other hand, if the breakout above the $0.00000832 resistance fails in another attempt, the bulls would have until around the end of July or beginning of August to validate the ascending triangle formation. Otherwise, a plunge towards support at $0.00007 could be imminent. This support level coincides with the upper line of the longer-term downtrend channel.

It is crucial for SHIB to defend this price level, as a failure to do so may bring the yearly low at $0.00000597 back into consideration. However, with the imminent launch of Shibarium in less than a month, this scenario seems less likely.

It is important to note that the information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Cryptocurrency investments carry inherent risks, and readers are advised to conduct their own research.

Conclusion

The Shiba Inu price has shown promising signs of an uptrend in the 1-day chart, with the potential to rise by 24%. However, caution is advised as a downward break of the current uptrend could result in a return to the longer-term downtrend. Technical analysis suggests that the upcoming launch of Shibarium could play a significant role in sustaining the positive momentum.

Investors should closely monitor the support at the 20-day EMA line and the resistance at $0.00000832. If the resistance is successfully broken, SHIB could experience a significant rally towards the 200-day EMA. On the other hand, failure to break the resistance may result in a plunge towards the support level at $0.00007.

It is important to remember that investing in cryptocurrencies carries inherent risks. This analysis should not be considered as financial or investment advice, and readers are encouraged to conduct their own research before making any investment decisions.

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