After trading in a consolidated range for over a week, the memecoins have appeared to gain back momentum as top tokens have displayed significant jumps in their respective values.
The Shiba Inu price traded in a closed range between $0.00000800 and $0.00000860 for a while, following which the price experienced a minor pullback, but the bulls held the price strong, resulting in a bounce back.
The memecoin continued trading in the closed range for almost two weeks, after which it gained momentum and successfully broke out of the range. The price added over 24% to its portfolio before facing rejection at $0.00001074.
After this, the price traded in a consolidated range between $0.00000926 and $0.00001074 for a brief period.
Recently the bulls gained momentum and broke out of the resistance level at $0.00001074, but the rally was short-lived as the price faced rejection at $0.00001197, following which the bulls lost momentum.
The Moving Average Convergence Divergence (MACD) displays a significant rise in the histogram, indicating an increased buying pressure for Shiba Inu in the market. Further, the averages show a sharp rise, suggesting the price will continue gaining value in the coming days.
Will Shiba Inu Price Go Back Up?
If the bulls hold the price above the support level of $0.00001076, the SHIB price will regain momentum and prepare to test its resistance level of $0.00001197.
Maintaining the price at that level will set the stage for the SHIB price to attempt to test its upper resistance level of $0.0000130 in the coming week.
Conversely, if the price fails to hold above the support level, it will lose momentum and fall to test its lower support level of $0.00001010.
Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its crucial support level of $0.00000926.
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