Shiba Inu Price Analysis: Will SHIB Price Hit $0.00000774 This Month?
Qadir AK25 Sept 20232 min read
Since September, the crypto industry has been facing massive price volatility as top cryptocurrencies continue struggling to stabilize the market. Memecoins have been affected the most due to the recent price volatility, as top coins have lost significant value.
Shiba Inu has been trading in a consolidated range of $0.000000712 and $0.00000742 for over two weeks now and has been trading in a descending wedge, indicating a possibility of major price action soon.
Following the death cross, the SHIB constantly declined as the bulls could not gain bullish momentum. The coin had failed multiple attempts to break out of the consolidated range, after which the price finally managed to break out of it for a very short period, following which the bears pulled back the price, resulting in the coin trading sideways.
The MACD has displayed constant flatlines since mid-September, indicating an uncertainty in its future price action. Further, the histogram displays a bearish convergence in its averages, indicating a trend reversal possibility in the coming days.
On the other hand, the RSI displays massive price volatility in its charts as the averages are constantly moving around the mid-point. The averages have started declining, indicating a reduction in buying and selling power.
Also Read : Shiba Inu Price Prediction 2023 – 2025: Will Shiba Inu Boost in 2023?
Will Shiba Price Go Back Up?
If the Shiba Inu coin manages to break out of the consolidated range, then the price will experience a bullish momentum, resulting in the price further gaining value. Moreover, if the meme coin manages to hold itself above the level, then SHIB will prepare to test the resistance level of $0.00000774 by the month-end.
On the flip side, if the coin fails to gain momentum, it will continue to trade in the consolidated range of $0.00000712 and $0.00000742. Further, if the bears overpowered the bulls, the price will start trading on a bearish note and test its crucial support level of $0.00000675 this month.
