SHIB Price Analysis: With An Extended Rally, Will Shiba Inu Reach $0.000013?
Qadir AK14 Aug 20231 min read
With a 62.92% gain in the last 60 days, the Shiba Inu coin price remains one of the most successful coins in the crypto industry. Currently, the Shiba Innu coin price trades slightly above the psychological mark of $0.000010 with an intraday gain of 3.52%.
With the recent surge after the Binance Collateral announcement, the Shiba Inu price trend finds fresh momentum. Moreover, with the meme coin rising above the 200-day EMA, the possibility of a golden crossover increases.
The Shiba Inu coin price fell drastically in a day due to the bankrupt crypto lender Voyager Digital moving almost $6 million in ETH and SHIB to Coinbase. Nonetheless, the Shiba Inu coin price regains bullish momentum and resurfaces above $0.000010.
With the Fibonacci retracement starting from the 2023 high, the recovery rally challenges the 50% Fibonacci level. However, the higher price rejection in the 12th August candle, leading to the evening star pattern, highlights extensive selling pressure.
With the increasing trading volume supporting the recovery, SHIB prices can continue the uptrend. Moreover, the Open Interest rising to $87.68M signals a high demand for Shiba Inu.
If the bullish trend manages to sustain about 50%, the breakout release is expected to reach 78.60%. Accounting for a 21% gain in market value, the Shiba Inu coin will present an excellent breakout entry opportunity.
On the flip side of the coin price fails to rise above the 50% Fibonacci level. The reversal release is expected to retest the bullish dominance and 200-day EMA currently at $0.0000093.
