The Shiba Inu price has established a promising uptrend in the 1-day chart since June 10, which could catapult the price 24% higher. However, SHIB investors should remain cautious, as NewsBTC reported a few days ago.

A downward break of the said uptrend could push the SHIB price back into the longer-term downtrend, which has been in place since early February. A decision is likely to be forthcoming by the end of the month!

Shiba Inu Price Prediction

From a technical perspective, Shiba Inu has established a new uptrend over the last month which has pushed the price up 29% from the local low at $0.00000597. As can be seen in the 1-day chart, SHIB has so far defended this trend with flying colors. The expectations for the launch of Shibarium at the ETHToronto conference in mid-August could certainly play a role in this.

In the meantime, however, SHIB is currently struggling with support at the 20-day EMA line. Over the last two days, SHIB has always managed to close above the support at the end of the trading session. In case the altcoin closes above the technical indicator today as well, the uptrend (black line) would be defended once again.

A new bounce towards the 23.6% Fibonacci retracement level could be possible. So far, SHIB has failed to close above the $0.00000832 resistance on a daily basis in three attempts. But, as explained at the beginning, a decision could be forthcoming by the end of the month.

At that time, the resistance line of the 23.6% Fibonacci level and the rising trend line meet. Both lines form an ascending triangle formation, which signals a weakening resistance and an imminent breakout to the upside. The higher lows indicate that bulls are gaining the upper hand in the market.

If confirmed, SHIB could rise towards the 200-day exponential moving average (EMA), which currently sits at $0.00000953, close to the psychologically important resistance level of $0.00001. At that point, greater selling pressure should be expected. Based on the current price level, SHIB might have a 24% rally.

If the breakout above the $0.00000832 resistance fails in another attempt, the bulls would have time until around the end of July / beginning of August to validate the ascending triangle formation. Otherwise, a plunge towards support at $0.00007, where the upper line of the longer-term downtrend channel is located, could be imminent.

Defending this price level would be crucial. Otherwise, the yearly low at $0.00000597 could be once again on the table. However, with the imminent launch of Shibarium in less than a month, this seems to be the less likely scenario.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Cryptocurrency investments carry inherent risks, and readers are advised to conduct their own research.

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Filed under: Bitcoin - @ July 19, 2023 10:20 am