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Shiba Inu Price Prediction as SHIB Gains 5% in 7 Days – Is a New Bull Market Starting?

Arslan Butt
Last updated: | 1 min read

In the past seven days, Shiba Inu (SHIB) has experienced a gain of 5%, bringing its price to 0.00000781. 

However, the cryptocurrency quickly reversed its upward movement and began testing the double bottom support at $0.00000740. 

Notably, this support level coincides with an upward trendline, further reinforcing its significance.

Shiba Inu Price 

The current price of Shiba Inu (SHIB) stands at $0.000007, accompanied by a 24-hour trading volume of $128,372,878. 

Over the past 24 hours, Shiba Inu has experienced a decrease of 3.07%. As per CoinMarketCap, it is currently ranked #18, with a live market capitalization of $4.4 billion. 

The circulating supply of SHIB coins is approximately 589,347,837,211,088.

Shiba Inu Price Prediction 

Shiba Inu (SHIB) is currently trading slightly above 0.00000740 after facing notable resistance at $0.00000781. 

The analysis of the four-hour timeframe reveals the presence of Doji and bullish engulfing candles, indicating a strong bullish sentiment in the market.

Additionally, both the 50-day exponential moving average and the RSI indicator suggest a selling trend, suggesting that SHIBA is in the oversold zone, which may present a buying opportunity.

Shiba Inu Price Chart – Source: Tradingview

On the hourly chart, the 50-day exponential moving average acts as a reliable resistance level around $0.00000764. 

A bullish cross above this level could potentially drive SHIB towards the $0.00000781 mark and even higher, possibly reaching $0.00000819.

Conversely, if SHIB breaks below $0.00000740, the next significant support level is likely to be found around $0.00000701.

To summarize, it is important to monitor the $0.00000740 level for Shiba Inu. Above this level, we can anticipate a bullish trend, while a bearish breakout may lead to a bearish scenario. This level can be considered a pivot point, and it is advisable to explore buying opportunities above this threshold.

Top 15 Cryptocurrencies to Watch in 2023

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This carefully selected roster has been compiled by industry experts from Industry Talk and Cryptonews, ensuring you have access to professional recommendations and insights. 

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.