Shiba Inu, an Ethereum-based memecoin, has exhibited heightened price volatility in the last 24 hours, reflecting a rollercoaster ride among investors. As observed on CoinMarketCap, the token opened at the $0.0000139 threshold before dipping to an intraday low of $0.00001345.
However, upon hitting this level, Shiba Inu prices slightly rebounded, settling above the $0.00001360 support level. As of press time, the value of one SHIB token stands at $0.00001366, marking a 1.51% decline compared to its previous day’s value.
Following this negative price action, the asset’s intraday market cap was also impacted, declining to $8.049 billion within the same period. Despite these pessimistic outlooks, the token has maintained its position as the 13th-largest crypto in terms of market rankings.
This gloomy condition can be linked to the global crypto downturn, which saw its market cap plummet by 2.47% to $2.09 trillion. Meanwhile, SHIB’s trading volume paints a different picture. In the last 24 hours alone, it soared by 1.28% to $169,791,400, highlighting that there is still active trading activity despite the overall bearish sentiment in the token.
Shiba Inu Key Resistance Level at $0.00001422
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Despite recovering by over 29% since the August 5 market crash, Shiba Inu remains below the lower band of an asymmetrical triangle pattern formed in March. Typically, this pattern suggests potential price consolidation before a breakout. As a result, monitoring the lower band at $0.00001422, a key resistance level, is crucial.
If the Shiba Inu token breaches above this threshold, market analysts project a short-term rally toward the 0.382 Fibonacci level at $0.00001582. This speculation aligns with the broader Shiba Inu coin price prediction of a bullish trend. A breach above this zone could indicate solid bullish momentum, potentially leading to a retest of the 0.5 Fibonacci level at $0.00001781, last seen on July 22.
Supporting this positive sentiment, the RSI is moving upward, originating from the oversold conditions. This indicates a buying spree is building up in the near term. Positioned at 39.02, the RSI suggests ample space for further upside movement before reaching overbought territory.
On the same accord, the MACD indicator tells a similar story as it crossovers with the signal line, showing signs of a potential bullish trend forming. Following this optimistic mood, Shiba Inu could propel its value higher, strengthening the potential bullish breakthrough at the $0.00001422 resistance level.
However, failure to break above this resistance could lead to further downside movement, possibly retesting its recent low around the $0.00001265 zone for support. A breach below this level could witness Shia Inu prices reach the August low at $0.00001079 before attempting another bull run.
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