Shiba Inu Price Prediction: Despite its sideways trading, SHIB may record a 20% rally

TL;DR Breakdown

• Shiba Inu price prediction highlights SHIB’s indecisiveness as it is jammed under the $0.0000117 to $0.0000168 supply zone.
• Shiba Inu could register a 20 percent price surge to retest the resistance barrier’s lower boundary at around $0.0000116.
• In the event of a 4-hour candlestick close below the $0.00000653 price region, Shiba Inu will trigger a massive sell-off, pushing the coin downwards.

At the time of writing, Shiba Inu’s price action is not showing any clear direction as it is recording sideways trading in a narrow range. Despite the ongoing indecisiveness, Shiba Inu appears likely to gather a minor upsurge that will retest crucial price regions for the third time.

Shiba Inu Price Prediction: General price overview

Since hitting its $0.000035 all-time high price on May 10, Shiba Inu has been following a descending line. The price fall has seen the crypto coin depreciate considerably, tumbling all the way to the 0.786 Fibonacci Retracement Level at around $0.0000083. This price plunge amounted to a 76 percent price depreciation.

While Shiba Inu is currently exchanging hands at around $0.00000979, the 0.786 Fibonacci Retracement Level is currently acting as a key support line. At present, SHIB is not showing any clear bullish reversal signs following the failure of the coin to create a higher low. On looking at Shiba Inu’s 4-day price chart, it appears the $0.0000155 price line is emerging as the immediate resistance barrier.

Shiba Inu price movement in the past 24 hours

According to Shiba Inu’s 24-hour price chart, the crypto coin appears currently stuck between a narrow range without a clear price movement. SHIB is moving back and forth between the lower boundary of the supply region at the time of writing. The supply region’s lower boundary extends from $0.0000117 to SHIB’s May 19 swing low at around $0.00000655.

At present, the dog-themed crypto coin is currently struggling with the $0.00000949 resistance line. If Shiba Inu realizes a decisive close above the 4-hour candlestick, the crypto coin might be in for a 23 percent price surge that would push it towards the $0.0000117 price region.

Shiba Inu 4-hour chart

According to Shiba Inu’s 4-hour chart, the crypto coin is currently facing significant buying pressure. If this trend continues, there is a high probability that SHIB will record an additional 22 percent uptick to retest the $0.0000144 price region.

At present, investors and market participants should keep in mind that any upward price movement in Shiba Inu’s price or any attempt to surge spells a grueling task. This is due to the presence of the colossal supply region that ranges from $0.0000117 to around $0.0000168. Due to this fact, Shiba Inu is likely to experience a price consolidation in the near term before recording any other price movement.

Conclusion

Although Shiba Inu is a relatively new crypto asset in the market, it has registered impressive runs. For instance, last week’s trading session saw the crypto coin surge by almost 1500 percent. This milestone is nothing compared to the 40,000 percent upsurge realized over the last month.

Despite the remarkable, bullish narratives, there is little price information for this meme-themed crypto asset. Due to this fact, it is not easy to accurately predict Shiba Inu’s next price action. However, key technical indicators show the crypto coin is ready for a 20 percent upsurge.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/shiba-inu-price-prediction-2021-05-26/