Shiba Inu, the popular canine meme cryptocurrency, rebounded from $0.000024 support, following a two-week correction from $0.0000458 high. The positive turnaround propelled the asset value 30% in a week, to currently trade at $0.00003. The renewed recovery in the broader market has likely influenced this Shiba Inu price reversal, aiming for $0.000045 if buyers maintain their momentum.

Also Read: Shiba Inu Price Rises As Community Members Spotlight Groundbreaking Advancements

Australian Listing Opens Doors for Shiba Inu’s Market Expansion

Shiba Inu Price| Tradingview

The recent upswing in the cryptocurrency market, which brought the Bitcoin price from $60000 to $70000, had a considerable effect on the memecoins sector. The prominent tokens of this assets class, Dogecoin, Shiba Inu, PEPE, and FLOKI, showcased double-digit gains this week, reflecting a renewed recovery sentiment among traders.

The Shiba Inu price bottomed its correction trend at $0.00002388, before rising back to the $0.00003 mark. The SHIB price rally is likely intensified following the listing announcement on Bitcoin.com.au, a major Australian crypto exchange. This development is expected to broaden SHIB’s investor base and liquidity in Australia, potentially boosting its adoption and market value.

A deeper analysis of the 4-hour time frame chart shows the buyers are leading this rally within the boundaries of channel pattern formation. Until the pattern’s dynamic resistance and support are intact, the SHIB price may prolong its rally to a higher level.

Also Read: Shiba Inu Partner Bad Idea AI (BAD) Rallies 20% As GateIO Unveils Listing

Is SHIB Price Recovery Heading to $0.000035?

With an intraday loss of 2.4%, the SHIB price is heading back to the pattern’s lower support trendline. If history repeats, the coin price might bounce off the rising support, aiming for a 16% increase to reach the $0.0000345 resistance, and subsequently target $0.000038.

On a contrary note, a breakdown below the bottom support will signal the continuation of the downward trend and may plunge the Shiba Inu coin below $0.000024.

Also Read: Shiba Inu Coin (SHIB) Price As Key Technical Indicator Tips Off 45% Move

Technical Indicator:

Exponential Moving Average: The SHIB price reclaiming its 4-hour EMAs(20, 50, and 100) signals the short-term trend is converging with the long-term bullish rally. 
Relative Strength Index: The RSI exceeding 50% indicates a shift towards positive market sentiment.

The post Here’s How Channel Pattern Guides Shiba Inu Price For Next 16% Jump appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am