Shiba

Convergence

Burn

Pepe

Shiba Inu

<img width="1400" height="785" src="https://coingape.com/wp-content/uploads/2024/02/1_KTcM8PEH9fEYN7MvIJnxEg-1.png" class="attachment-full size-full wp-post-image" alt="Shiba Inu:" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/1_KTcM8PEH9fEYN7MvIJnxEg-1.png 1400w, https://coingape.com/wp-content/uploads/2024/02/1_KTcM8PEH9fEYN7MvIJnxEg-1-300x168.png 300w, https://coingape.com/wp-content/uploads/2024/02/1_KTcM8PEH9fEYN7MvIJnxEg-1-1224x686.png 1224w, https://coingape.com/wp-content/uploads/2024/02/1_KTcM8PEH9fEYN7MvIJnxEg-1-768x431.png 768w, https://coingape.com/wp-content/uploads/2024/02/1_KTcM8PEH9fEYN7MvIJnxEg-1-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/02/1_KTcM8PEH9fEYN7MvIJnxEg-1-150x84.png 150w" sizes="(max-width: 1400px) 100vw, 1400px">
Shiba Inu Price: The recovery trend in <a href="https://coingape.com/trending/shiba-inu-aiming-for-the-second-peak-of-the-week/">Shiba Inu</a>, the second-largest cryptocurrency market, witnessed a major roadblock at $0.000045. The overhead supply evidenced by the long-wick rejection candle shifted the price action sideways creating a post-rally consolidation. With the Bitcoin price at new heights, the memecoin buyers could regain their strength in the current wobbling and prolong the prevailing recovery. 
Also Read: <a href="https://coingape.com/shiba-inu-weekly-burn-soars-9k-14-mln-shib-burnt-amid-recent-developments/">Shiba Inu Weekly Burn Soars 9K% As 14 Mln SHIB Burnt Amid Recent Developments</a> 
<h2 id="b-healthy-retracement-sets-shib-price-for-higher-rally-b">Healthy Retracement Sets SHIB Price For Higher Rally</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/q/QzGNYvYg.png" alt="BINANCE:SHIBUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Shiba Inu Price| Tradingview
 </figcaption>
</figure> 
Over the last two weeks, the meme cryptocurrency sector has emerged as outperforming the asset class, showing over triple digital gains in top tokens like <a href="https://coingape.com/markets/dogecoin-price-aiming-1-as-rival-meme-coins-become-attractive/">Dogecoin(DOGE)</a>, Shiba Inu (SHIB,), <a href="https://coingape.com/trending/shiba-inu-vs-pepe-coin-where-should-you-invest/">Pepe coin (PEPE)</a>, Floki, and Bonk. 
Analyzing the daily chart shows the <a href="https://coingape.com/price/shiba-inu/">Shiba Inu price</a> surged from $0.00000934 to $0.0000456, registering 388% growth. However, the newfound supply pressure at this high triggered an immediate reversal in this memecoin and plunged to a $0.0000341 price value. 
<blockquote>
 This long-tail rejection candle indicates a profit booking from a short-term trader which may encourage a minor correction in the SHIB price. The pullback wavering above the 38.2% Fibonacci retracement level reflects that the buyers still hold a firm grip over this asset.
</blockquote> 
This ongoing consolidation should assist the <a href="https://coingape.com/shiba-inu-burn-soars-300-amid-shib-etf-buzz-0-0001-imminent/">SHIB</a> buyers to replenish the exhausted bullish momentum and prepare for the next upswing. 
For buyers, a breakout immediate resistance of $0.000037 would be an early sign of renewed recovery, while a breakout above $0.0000456 will give the necessary confirmation.&nbsp; 
However, as per the Fibonacci retracement level, the current correction trend may face demand pressure at $0.00003178, and $0.00002747 marks as they align with 38.2% and 50% FIB levels respectively. 
<h2 id="b-technical-indicator-b">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A bearish crossover between the MACD(orange) and signal(blue) indicates the SHIB price enters an active correction trend.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: A 50 <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> slope of 4hr chart provides suitable support for buyers to maintain a recovery trend.</li> 
</ul> 
The post <a href="https://coingape.com/markets/key-levels-to-watch-as-shiba-inu-price-new-correction/">Key Levels to Watch As Shiba Inu Price Sparks New Correction Trend</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Key Levels to Watch As Shiba Inu Price Sparks New Correction Trend

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