Shiba

Dogecoin

bullish

Shiba Inu

<p>As the Bitcoin price reclaims the $63,000 mark, the memecoin category has experienced a strong bullish action with some tokens recording a massive surge in their respective portfolio within a short period.</p>  
<p>Following this, top meme coins such as Dogecoin and Shiba Inu have regained traction. Moreover, with technical indicators turning bullish, is the Shiba Inu price prepared for a breakout rally? Scroll down to uncover the possible price factors for this month!</p>  
<h2 class="wp-block-heading" id="h-shib-memecoin-holds-its-important-support-level">SHIB Memecoin Holds Its Important Support Level:</h2>  
<p>Amid increased price volatility in the cryptocurrency market, the Shiba Inu price has jumped ~4% in the past 24 hours with a trading volume of $546.169 million, a change of +118.42%. With this, it has successfully held its value above its important support/resistance level.</p>  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/07180509/image-77-1024x540.png" alt="Shiba Inu Price Analysis 07th October 2024" class="wp-image-361747">
 <figcaption class="wp-element-caption">
  TradingView: SHIB/USDT
 </figcaption>
</figure>  
<p>Despite recording a drop of 1.93% over the past week, this meme coin has soared 38.81% during the past month and has a Year-to-Date (YTD) return of +73.34%. Notably, with a market capitalization of $10.567 billion, this Ethereum-based project has secured the 13th position in the market.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-shiba-inu-technical-sentiments">Shiba Inu Technical Sentiments</h2>  
<p>The EMA 50/200-day shows an increase in the trend. Further, it hints at a potential Golden Cross in the 1D time frame, highlighting a potential bullish reversal in the coming time.</p>  
<p>The RSI indicator continues hovering above the neutral point. However, the average trendline acts as a resistance, indicating a mixed price sentiment for the memecoin in the market.</p>  
<h2 class="wp-block-heading" id="h-is-shib-a-good-investment">Is SHIB A Good Investment?</h2>  
<p>If the bulls continue gaining momentum, the Shiba Inu price could retest its resistance trendline of the triangle pattern. A bullish breakout could potentially result in it heading toward its resistance level of $0.00002350 in the coming time.</p>  
<p>Conversely, if the bears regain power, the 2nd largest memecoin could retest its support level of $0.0000170. Further, a breakdown could result in the SHIB coin price plunging toward its crucial low of $0.00001175 this month.</p>  
<p>Also read, <a href="https://coinpedia.org/price-prediction/shiba-inu-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu (SHIB) Price Prediction</a> 2024 - 2030</p>

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