Shiba

Burn

Bitcoin

Shiba Inu

Coin

Shiba Inu Price Analysis: On Wednesday, the cryptocurrency market witnessed a notable downtick which triggered a 1-2% fall in leading digital assets like <a href="https://coingape.com/bitcoin-price-btc-to-face-1-4-billion-liquidation-if-price-jumps-to-this-level/" rel="noopener noreferrer nofollow">Bitcoin</a> and Ethereum. After significant growth earlier this week, the market is likely stabilizing to replenish its bullish momentum. However, most of the major altcoins including <a href="https://coingape.com/trending/2-key-factors-pushing-the-shiba-inu-price-to-0-001-in-may/" rel="noopener noreferrer nofollow">Shiba Inu</a> are following a bearish trend today, providing a suitable dip entry for sidelined traders.&nbsp;
Also Read: <a href="https://coingape.com/shiba-inu-coin-burn-rate-soars-570-amid-rally-wheres-shib-price-heading/" rel="noopener noreferrer nofollow">Shiba Inu Coin Burn Rate Soars 570% Amid Rally, Where’s SHIB Price Heading?</a>
<h2 id="b-how-ethereum-etf-news-is-influencing-shib-s-price-action-b">How Ethereum ETF News is Influencing SHIB’s Price Action</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/j/jtkaJSqW.png" alt="BINANCE:SHIBUSDT Chart " width="1946" height="937">
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 Shiba Inu Price Analysis| Tradingview
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The recent correction trend in Shiba Inu coin trade within a symmetrical triangle pattern for the past seven weeks. The two converging trendlines acted as dynamic resistance and support for the <a href="https://coingape.com/price-predictions/shiba-inu-shib-price-prediction/" rel="noopener noreferrer nofollow">SHIB price</a> and narrowed it down to a small range.
The compressed range led to a decisive breakout from the pattern’s upper trendline on May 15th. This breakout signals the end of the correction trend and provides buyers with suitable support to bolster a higher rally
Moreover, the market witnessed a renewed buying momentum this week as the Ethereum coin rallied following the development regarding spot ETH ETF. Amid the altcoin rally, the SHIB price reached its 4-week high of $0.0000268 on May 22nd.&nbsp;
However, the recovery takes a minor pullback where the SHIB price shows a 3% intraday loss to hit $0.00002534. If the bearish momentum persists, this memecoin may tumble another 4.9% to retest the support trendline of the aforementioned triangle.
This dynamic support could recuperate the bullish momentum and set the Shiba Inu coin to chase a potential target at $0.000028, followed by $0.000032.
<h2 id="b-technical-indicator-b">Technical Indicator:</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: The coin price challenging the upper boundary of the Bollinger Band indicator highlights the aggressive nature of buyers.</li>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope back above the midline assures a growing bullish sentiment in the market.</li>
</ul>
The post <a href="https://coingape.com/markets/shiba-inu-price-analysis-will-shib-hit-0-00003-by-may-end/" rel="noopener noreferrer nofollow">Shiba Inu Price Analysis: Will SHIB Recovery Hit $0.00003 By May End?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Shiba Inu Price Analysis: Will SHIB Recovery Hit $0.00003 By May End?

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