Shiba Inu

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/shib-price-analysis-is-a-23-leap-on-the-cards-for-shiba-inu-this-month/">SHIB Price Analysis: Is a 23% Leap on the Cards for Shiba Inu This Month?&nbsp;</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Maintaining a declining trend ever since the 2021 all-time high, the Shiba Innu coin price continues to make lower highs. With the early 2023 bull run of 78% forming a new lower high, the Shiba Inu coin price prolonged a downtrend leading to a new bottom formation at $0.00000667.&nbsp; 
However, with the recent V-shaped reversal of 48%, the Shiba Inu coin price breaks above the crucial resistance zone at $0.00000908.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh6.googleusercontent.com/24tI7ksJQN0_letQNeelxywTwHl1CHvEc9f3PxPTgKbydfxBGrqPm9qpAJSOCJLq9Rfk-EeWtIC072_fLkyeOZXRf0ToWX747hXtY1yeYQuaJSbJ9ekmV6souHScDtf_AoceE0aLF6AZKOBrt59Cwwo" alt=""> 
</figure> 
The SHIB coin price shows an intraday gain of 8.98%, with a 131% jump in intraday trading volume. This increases the meme coin by 16% in the last three days leading to an ascending triangle breakout in the daily chart.&nbsp; 
Moreover, the Shiba Inu coin price breaks Above the 23.60% Fibonacci level in the weekly chart. The retracement of this Fibonacci level is made from the lower high of late 2022.&nbsp; 
Supporting the bullish breakout, the MCD indicator displays a bullish crossover in the weekly chart. Moreover, the RSI indicator displays a sharp reversal from the overall boundary and challenges the bearish dominance at the halfway line. Therefore, the technical indicators display a rise in the underlying bullish sentiments. 
If the meme coin finds a closing price above the 23.60% Fibonacci level in the weekly chart, the dog theme-based crypto is set to start the bull run to reach the 50% Fibonacci level at $0.00001179. 
However, on the opposite end, excessive selling pressure above the 23.60% Fibonacci level can lead to a new lower high formation. In such a case, the downtrend for the meme coin is expected to continue and challenge the $0.00000667 support level.

SHIB Price Analysis: Is a 23% Leap on the Cards for Shiba Inu This Month?

CoinPedia News

Other articles published on Aug 5, 2023

SEC Lawsuit Causes Hex to Lose $500M in Market Cap!

Ripple Joins Elite Trade Association ISDA

ARK Invest Takes a Close Look at Bitcoin’s Price, Reveals Key Factors

LUNC News: Proposal To Re-Enable Terra Luna Classic IBC To Cosmos Chain Passed

Timing Is Key, These Are the Best Cryptocurrencies Now: Litecoin, Stellar, Tradecurve

Meta Launches AudioCraft: AI Music Tools from Text

Join our free newsletter for daily crypto updates!