Shiba

Flow

bullish

Rally

Shiba Inu

The Shiba Inu price saw a significant rebound on Tuesday during the American trading session, recovering some losses from the previous day’s market downturn. This price movement has positioned SHIB as one of the top gainers in the recent market-wide recovery, displaying a strong correlation with Bitcoin. However, despite the recent uptick, the overall trend remains bearish, prompting questions about the sustainability of this rally. As technical indicators suggest possible short-term reversals or consolidations, market watchers are keen to see if Shiba Inu can overcome key resistance levels to sustain a bullish breakout. 
<h2 id="will-shiba-inu-price-rally-last">Will Shiba Inu Price Rally Last?</h2> 
<a href="https://coingape.com/price/shiba-inu">SHIB price</a> is currently in a downward trend as indicated by the descending wedge pattern. The recent candlestick shows a small green candle after a series of red candles, suggesting a potential short-term reversal or consolidation phase within the descending wedge. The falling wedge pattern also often suggests a corrective phase, which might lead to a bullish breakout, but confirmation is required. 
The 50-day EMA is at $0.00001734, and the 200-day EMA is at $0.0000186, both above the current price, confirming the overall bearish trend <a rel="nofollow" href="https://www.coingecko.com/en/coins/shiba-inu">CoinGecko</a> data shows. 
The Shiba Inu price chart sports an immediate support level of around $0.0000115, with a stronger support zone between $0.00001 and $0.000011, highlighted by the grey area. This zone also has a fair value gap that the price action filled in yesterday’s crash. Additionally, it was the last zone of market imbalance for the Shib price, meaning the dip may be over.&nbsp; 
There is some resistance around $0.00001734 (50-day EMA), followed by $0.00001860 (200-day EMA), and a major resistance zone around $0.00002500 to $0.00003000. If the price fails to break above the 50-day EMA, it may drop 41% to $0.00001135, which coincides with the bottom trendline of the falling wedge and falls into the FVG zone. 
The Relative Strength Index (<a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a>) is at 33.01, which is close to oversold territory. This indicates a potential short-term bounce but with an overall bearish sentiment. The Chaikin Money Flow (CMF) is at -0.01, indicating mild selling pressure. 
<figure id="attachment_211124" aria-describedby="caption-attachment-211124" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-211124" src="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-10.15.23.jpeg" alt="Shiba Inu Price" width="1280" height="538" srcset="https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-10.15.23.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-10.15.23-300x126.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-10.15.23-1224x514.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-10.15.23-768x323.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/WhatsApp-Image-2024-08-06-at-10.15.23-150x63.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-211124" class="wp-caption-text">
 Shiba Inu Price Chart
 </figcaption>
</figure> 
If the <a href="https://coingape.com/price-predictions/shiba-inu-shib-price-prediction/">Shiba Inu price forecast</a> shows that it breaks above the 50-day and 200-day EMA, it may signal market strength, turning the asset bullish. This may invalidate the bearish thesis, as a follow-up breakout from the falling wedge may catapult the SHIB price to $0.00002796, a 102% increase. 
The post <a href="https://coingape.com/markets/shiba-inu-price-recovers-by-16-will-it-last/">Shiba Inu (SHIB) Price Top Performer With 15% Jump, What’s Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu (SHIB) Price Top Performer With 15% Jump, What’s Next?

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