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Shiba Coin continues its day with a 4% decline and this is not surprising since Bitcoin has lost its critical support. The price, which was at 0.0000082 dollars at the time of writing, managed to stay above the critical 0.000008 dollars. So, what can Shiba Coin investors expect in light of recent developments?
Will Shiba Coin Rise?
Current data indicates an increase in social dominance. This is generally positive for meme coins. The increased discussion of Shiba Coin on social media, which derives its power from the community, can help its price rise soon.
Last week, Shiba Inu witnessed a gradual increase in Trading Volume. The chart below shows this vividly. In parallel with the increase in Social Volume, SHIB Trading Volume increased by 110% between July 22 and August 1, reaching 3.36 trillion from 1.61 trillion. The ongoing social media activity and trading activity of Shiba Inu indicate that the price can exceed 0.000009 dollars.
Of course, these two factors alone are not enough, and BTC needs to take a break from its decline for the rise of Shiba Coin.
Shiba Inu (SHIB) Analysis
The volatility is increasing in altcoins as Bitcoin has violated an important support level twice today. Shiba Coin is one of them. The price is currently above the $0.00000808 support area. Although it tested this area three times today, it did not erase all the gains from the rise that came with Shibarium excitement. Depending on whether this region is preserved in the coming hours, it can determine its path.
If the price loses the support level, it can drop to the next support level of $0.00000762. The preservation of the main support mentioned above on the daily chart indicates that the upward trend continues. To accelerate the rally, the resistance level of $0.0000086 needs to be overcome.
The price will rise to the range of $0.0000088 and $0.0000098 in closing above the resistance. If it succeeds, it will reverse the downtrend that started in February. In an optimistic scenario, the target is the resistance level of $0.000014. This region has been tested three times since August 11, and we may see it being broken with a retest. However, for the price that has not been able to approach the resistance for about 6 months, BTC may need to surpass $32,000 again.
