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- Shiba Inu (SHIB) surged over the past 24 hours and rose above $0.00001.
- The meme coin has pulled back to trade below the $0.00001 resistance level at press time.
- Technical indicators suggest that SHIB’s slight correction may be followed by another leg up to above $0.00001.
Shiba Inu (SHIB) surged over the past 24 hours and was able to briefly break above the $0.00001 threshold. Since then, it has corrected to trade below this significant price point. Despite this, technical indicators on the meme coin’s chart suggest that it could close a daily candle above $0.00001 soon. This may then give it the foundation to continue climbing.
Daily chart for SHIB/USDT (Source: TradingView)
SHIB was able to break above the $0.00000925 resistance level throughout the past 72 hours. This strong price movement continued, as SHIB temporarily surged through the $0.00001 barrier during yesterday’s trading session. In the past 24 hours, the meme coin was able to reach a peak of $0.1070. It has since undergone a correction to trade below $0.00001.
Technical indicators on the cryptocurrency’s daily chart suggested that there was still enough fuel in the tank for SHIB to continue climbing in the next 24-48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators supported a short-term bullish outlook.
Most notably, the MACD line was breaking away above the MACD Signal line, which may signal that SHIB’s bullish momentum could grow stronger in the coming couple of days. In tandem with this, the RSI line was positioned above the RSI Simple Moving Average (SMA) line. The current orientation of these two lines is indicative of strong buying power.
Traders and investors will want to note, however, that the slope of the RSI line was leveling off at press time. This may be a sign that some buyers have exited SHIB’s charts. Should bulls shift their focus away from SHIB in the next few days, the meme coin could pull back to the recently-flipped $0.00000925 mark.
Continued sell pressure could then force SHIB down to the subsequent support at $0.00000847. In an extremely bearish scenario, SHIB’s value may plummet to as low as $0.00000775 within the following 2 weeks. Given the bullish technical flags, however, the meme coin’s price may continue rising. In this bullish scenario, SHIB could break above $0.00001055.
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