Dogecoin outperformed SHIB during the current market pump since the DOGE price pumped over 30% while Shiba Inu pumped around 11%.
However, this doesn’t mean much since SHIB still has one of the strongest communities in crypto that can drive the price up. Shiba Inu is doing solid today, up 3% and now trading around $0.000019.
Looking at the recent AltFINS analysis, SHIB formed what traders call a falling wedge pattern from March to August. When this pattern broke in early August, it was a pretty good sign for SHIB holders, as these patterns usually signal that selling pressure is getting weaker.
Right now, there are a few key price levels to watch. Buyers seem to step in heavily around $0.000015, making it a strong support level. There’s also backup support at $0.000012 if things get shaky. On the upside, SHIB is struggling with the $0.000021 level – it’s like a ceiling that needs to be broken for any serious move up.
The technical indicators are giving us mixed signals right now. The SHIB price is testing the 200-day average – that’s basically the average price over the last 200 days and it’s pretty important for traders. The RSI, which shows if SHIB is oversold or overbought, is sitting right in the middle at 50, suggesting there’s no extreme pressure in either direction. The MACD looks like it might cross over soon, which could mean momentum is picking up.
Read also: Kaspa’s On-Chain Metrics Explode – Will KAS Price Do the Same?
SHIB Price Prediction
Looking at all these signals together, the Shiba Inu seems to be at a crossroads. The breakout from the falling wedge is encouraging, and the strong community support could help push prices higher if market sentiment stays positive.
However, SHIB needs to convincingly break above $0.000021 to show it means business. If the SHIB price can’t do that, we might see it hang around current levels for a while, looking for direction. The next few weeks could be crucial in determining whether SHIB can build on its recent gains or needs more time to gather strength.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
Source link
