SHIB Price Analysis: Shiba Inu Breaks 5 Week Trend As Bulls Begin To Gain Strength

• SHIB price falls nearly -85% from ATH
• Bullish double bottom has formed
• SHIB price must break $0.00001 for strong revival

The last month throughout the crypto space has been a rough one for many. On average, the crypto market fell nearly -35% since the beginning of June. Meme coins such as Shiba Inu were surely not immune to this drop. SHIB price fell nearly -50% but has bounced tremendously since. Many signs show SHIB may continue a larger revival back to May levels. 

After the second drop to $0.00000580 on June 22nd, Shiba Inu quickly revived 20% in the following days. This sudden bounce had formed a bullish double bottom. Since the low, SHIB has revived nearly 70% to $0.00000959. The revival seen the last few days has allowed SHIB to break a 5-week downtrend line. This Is a huge indication the trend may have changed to short term bullish for Shiba Inu.

SHIB Price Analysis: 4 Hour Chart

Major resistance for SHIB lands at $0.00000959- $0.00000987. Once this area can break and hold, SHIB will see a large revival above $0.00001. Until then, SHIB price will find support at $0.00000871 and $0.00000819. Anything below these marks will turn the SHIB price short term bearish again. The 15MA has held the price for nearly a week and a half, so a break below this may trigger another sell off below the 5 week trend line.

While looking at the Stochastic RSI, we can see that it has refused to stay in the overbought territory which shows a slight bearish bias. A break below the 50 value may signal a short term sell off. The regular RSI has held an uptrend for nearly 10 days, if this trend breaks SHIB will see a price drop to its next support.

SHIB Intraday Levels

• Spot rate: $0.00000900
• Trend: Bullish
• Volatility: High
• Support:  $0.00000871
• Resistance: $0.00000959

About Author

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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