SHIB Price Analysis: Shiba Inu Breaks 5 Week Trend As Bulls Begin To Gain Strength
The last month throughout the crypto space has been a rough one for many. On average, the crypto market fell nearly -35% since the beginning of June. Meme coins such as Shiba Inu were surely not immune to this drop. SHIB price fell nearly -50% but has bounced tremendously since. Many signs show SHIB may continue a larger revival back to May levels.
After the second drop to $0.00000580 on June 22nd, Shiba Inu quickly revived 20% in the following days. This sudden bounce had formed a bullish double bottom. Since the low, SHIB has revived nearly 70% to $0.00000959. The revival seen the last few days has allowed SHIB to break a 5-week downtrend line. This Is a huge indication the trend may have changed to short term bullish for Shiba Inu.
SHIB Price Analysis: 4 Hour Chart
Major resistance for SHIB lands at $0.00000959- $0.00000987. Once this area can break and hold, SHIB will see a large revival above $0.00001. Until then, SHIB price will find support at $0.00000871 and $0.00000819. Anything below these marks will turn the SHIB price short term bearish again. The 15MA has held the price for nearly a week and a half, so a break below this may trigger another sell off below the 5 week trend line.
While looking at the Stochastic RSI, we can see that it has refused to stay in the overbought territory which shows a slight bearish bias. A break below the 50 value may signal a short term sell off. The regular RSI has held an uptrend for nearly 10 days, if this trend breaks SHIB will see a price drop to its next support.