Shiba Inu Price Continues Upward Trend - 24% Rally Possible
The Shiba Inu price has established a promising upward trend in the 1-day chart since June 10, which could catapult the price up by 24%. However, SHIB investors should proceed with caution, as NewsBTC reported a few days ago.
A break in the downward trend could send the SHIB price back into the long-term downtrend that has been in place since early February. A decision is expected to be made by the end of the month!
Shiba Inu Price Prediction
From a technical standpoint, Shiba Inu has established a new upward trend in the past month, causing the price to rise by 29% from the local low at $0.00000597. As seen in the 1-day chart, SHIB has successfully defended this trend so far. The expectations surrounding the launch of Shibarium at the ETH conference in Toronto in mid-August could certainly play a role in this.
In the meantime, SHIB is struggling with support at the 20-day EMA line. Over the past two days, SHIB has managed to close above this support at the end of the trading session. If the altcoin also closes above this technical indicator today, the upward trend (black line) would be defended once again.
A renewed surge towards the 23.6% Fibonacci retracement level could be possible. So far, SHIB has failed to close daily above the resistance level of $0.00000832 in three attempts. However, as explained earlier, a decision could be made by the end of the month.
At this point, the 23.6% Fibonacci level resistance line and the rising trendline intersect. Both lines form an ascending triangle formation, signaling weakening resistance and an upcoming breakout to the upside. The higher lows suggest that the bulls are gaining the upper hand in the market.
If this is confirmed, SHIB could rise towards the exponential moving average (EMA) 200-day at $0.00000953, close to the psychologically important resistance level of $0.00001. At this point, there is likely to be significant selling pressure. Based on the current price level, SHIB could experience a 24% rally.
If the breakout above the $0.00000832 resistance fails on another attempt, the bulls would have until the end of July/early August to confirm the ascending triangle formation. Otherwise, a crash towards the support level at $0.00007, where the upper line of the long-term downtrend channel is located, could be imminent.
Defending this price level would be crucial. Otherwise, the yearly low of $0.00000597 could once again be on the table. However, with the upcoming launch of Shibarium in less than a month, this seems to be the less likely scenario.
Disclaimer: 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.
Selected image by Coin Cloud, Chart by TradingView.com
