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- The price of Shiba Inu is failing in its fight with the price of Dogecoin.
- Shiba prices are often rejected by sellers near the 200 day moving average.
- SHIB’s market cap rose 2.4% to $6.83 billion in the last 24 hours.
After the recent bullish breakout shiba inu price is not moving anywhere. Shiba and Dogecoin are well-known meme coins in the top 20 cryptocurrencies. But in this race the price of Shiba Inu is far behind the price of Dogecoin. Last week, Dogecoin recovered by over 100% and is still rising at higher levels.
SHIB price action is pulling lower-high after registering a 60 day high mark of $0.000001519. This highest peak slipped into an immediate resistance zone for buyers. On the other hand, buyers are barely trying to keep the digital asset price above $0.00000115. Below this support, the price could decline towards the conceptual round of $0.0000010. There is a buyer’s hedge zone in this key level.
Against the USDT pair, the Shiba Inu price is trading at $0.00001245 during writing. In the past two days, buyers struggled with selling pressure. In the intraday trading session, price is up 6.21% so far. Despite the selling in recent days, weekly price candles are drawing a second bullish candle now.
The trading volume seems to be neutral at $630 Million. Thus the market cap of SHIB rose 2.4% to $6.83 billion in the last 24 hours. Shiba prices are often rejected by sellers near the 200 day moving average. Now buyers try to manage it above 100 DMA in the context of daily price scale.
Daily RSI is making lower-highs from the overbought zone. Later on, RSI found support on semi-line and again reversed towards the higher territory. Notably, MACD continues moving higher into the positive region.
Conclusion
The 200 day moving average remains as a key bullish hurdle to break. Shiba Inu price may rise 20% if buyers sustain meme coin price above the previous swing high. Notably, the MACD continues supporting bulls.
Support level – $0.000010 and $0.000007
Resistance level – $0.000015 and $0.000018
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
