Shiba

Bitcoin

Shiba Inu

The positive trend in the largest cryptocurrency, <a href="https://en.coin-turk.com/bitcoin-reaches-all-time-high-in-a-critical-metric-is-btc-preparing-for-a-new-rally/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/bitcoin-price-analysis-strong-breakout-above-resistance-trend-line-indicates-potential-recovery/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>), has also boosted many altcoins. In this regard, investors are wondering whether <a href="https://en.coin-turk.com/a-promising-forecast-for-shib-price-historical-data-indicates-a-new-record-level/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba</a> Inu coin, the second largest memecoin, will rise. Here is the SHIB price analysis.
<h2 style="text-align: justify" id="strong-shiba-inu-price-analysis-strong">Shiba Inu Price Analysis</h2>
The pressure that keeps the rising trend in the beloved memecoin Shiba Inu under control is preventing a breakout rally from the descending wedge formation on the SHIB chart. However, buyers are limiting a deep correction and preventing a downward breakout in order to maintain the existence of the descending wedge formation. Expectations of a breakout with a new positive cycle support the upward expectations for Shiba Inu’s price.
<img decoding="async" class="aligncenter size-full wp-image-268422" src="https://coin-turk.com/wp-content/uploads/2023/10/Shiba-Inu-Coin-Artar-mi-Shiba-Inu-Ne-Kadar.png" alt="" width="3358" height="1526">
Under constant selling pressure, SHIB has formed multiple lower highs. Furthermore, the 50-day Exponential Moving Average (EMA) provides a dynamic ceiling to keep the upward growth in check. Intense overall selling pressure forms a descending trendline. This descending trendline, which emerges with deepening bottom formations on the daily chart, completes the wedge formation.
Currently, SHIB is trading at $0.000006841 with a long-tailed candle formation, breaking the descending trendline. Such a sharp increase increases the possibility of a price rally.
The Relative Strength Index (RSI) on the daily timeframe indicates a strong bullish breakout on the daily chart, suggesting a high probability of an upward movement. Therefore, the momentum indicator emphasizes the possibility of an upward breakout in the descending wedge formation. The 50-day EMA acts as a barrier to the upward movement.
<h2 style="text-align: justify" id="strong-can-shib-price-achieve-the-expected-rise-strong">Can SHIB Price Achieve the Expected Rise?</h2>
If buyers take control of the trend in Shiba Inu, the price of SHIB may soon break out of the descending wedge formation and enter a new upward trend. Within this upward trend, it is likely for the price to reach the resistance level around $0.00000715.
In the current positive trend, there is a possibility for the price to make a significant increase up to $0.00000851. However, if the price falls below the support trendline, it may trigger a drop to $0.0000060 in the memecoin. Continue Reading: <a href="https://en.coin-turk.com/shiba-inu-coin-will-it-rise-current-shib-price-analysis/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/shiba-inu-coin-will-it-rise-current-shib-price-analysis/</a>

Shiba Inu Coin: Will it Rise? Current SHIB Price Analysis

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