Shiba

Bitcoin

Dogecoin

Shiba Inu

The struggle of <a href="https://en.coin-turk.com/bitcoin-surprises-with-strong-price-surge-despite-secs-etf-delay/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> to surpass the $38,000 resistance level has affected the altcoin <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a>, including <a href="https://en.coin-turk.com/shiba-inus-rise-and-the-anticipation-surrounding-the-grand-shibarium-universe/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba</a> Inu (SHIB). SHIB, a popular meme coin that was launched in August 2020 and quickly skyrocketed by an unbelievable 10 million percent, creating dozens of new millionaires, recently formed a local peak at $0.00000965 and is currently consolidating within two converging trend lines since last week. This formation indicates a potential breakout of the $0.00001 barrier for SHIB, potentially helping it reach new highs.
<h2 style="text-align: justify" id="strong-shiba-inu-price-analysis-strong">Shiba Inu Price Analysis</h2>
In the past 30 days, the price of Shiba Inu has experienced significant growth, rising from $0.00000612 to the current trading price of $0.00000863, representing a 30% increase. However, this upward trend encountered resistance around the $0.00000965 level, coinciding with a period of increased uncertainty in the market.
<img decoding="async" class="aligncenter size-full wp-image-278564" src="https://coin-turk.com/wp-content/uploads/2023/11/Shiba-Inu-SHIB-Altcoin.png" alt="" width="1946" height="1104">
This led to a temporary pullback, reaching a level of $0.000008, which corresponds to the 50% Fibonacci retracement level. In the context of a long-term bull run, this pullback is generally seen as a healthy correction.
When examining the 4-hour timeframe chart, it can be observed that this consolidation phase has formed a continuation pattern known as a “flag.” Typically, this formation involves a brief period of horizontal movement before a definitive upward breakout. If SHIB breaks above the upper trend line of this flag formation, it could potentially target $0.0000150 as the initial price objective, representing an 18% potential gain.
<h2 style="text-align: justify" id="strong-comparison-of-shib-and-doge-performance-strong">Comparison of SHIB and DOGE Performance</h2>
When comparing the price behavior of SHIB with its main competitor, Dogecoin (DOGE), over the past three months, it can be seen that DOGE has shown stronger momentum, consistently forming new highs and lows. On the other hand, SHIB is struggling to surpass the $0.00000969 level. Considering the prevailing bullish trend in the market, Dogecoin may offer more favorable opportunities for long positions.
<img decoding="async" class="aligncenter size-full wp-image-278565" src="https://coin-turk.com/wp-content/uploads/2023/11/Shiba-Inu-Dogecoin.png" alt="" width="1200" height="675">
Meanwhile, SHIB is forming declining lows on the daily timeframe’s Relative Strength Index (RSI), indicating selling pressure. However, the ongoing upward trend in SHIB’s price suggests a higher probability of further upward movement. The converging Bollinger Bands (BB) along with RSI indicate that the market is currently in a typical correction phase before a potential breakout or continuation of the trend. Continue Reading: <a href="https://en.coin-turk.com/shiba-inu-price-analysis-can-shib-break-the-0-00001-barrier/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/shiba-inu-price-analysis-can-shib-break-the-0-00001-barrier/</a>

Shiba Inu Price Analysis: Can SHIB Break the $0.00001 Barrier?

Table of Contents

COINTURK NEWS

Other articles published on Nov 18, 2023

Blockchain Gaming: A Game-Changer or a Gamble?

Why Sam Altman was ousted as Open AI CEO

Yearn Finance (YFI) Price Declines Amid Soaring Whale Activity

Cardano Founder Hoskinson Speaks Out On Ethereum Insider Revelations

Why Elizabeth Warren’s crypto bill is getting so much support

Adoption is Biggest Challenge for CBDCs: Mastercard Executive

Join our free newsletter for daily crypto updates!