Shiba Inu (SHIB) price appears noticeably affected by the decline led by Bitcoin. However, it wouldn’t be wrong to say that SHIB shows signals of a potential comeback in the long term. The charts seem to reveal the meme coin’s potential for accumulation.
Shiba Inu Comments
Shiba Inu’s price is currently moving near a support level, which could bring significant gains. This is due to market indicators specific to SHIB. The Moving Average Convergence Divergence (MACD) indicator currently reflects a bullish twin peak formation (below).
The twin peak rise in the MACD indicator occurs when two peaks form above the zero line, with the second peak higher than the first. This formation is widely known to indicate increasing market strength. This formation typically reveals a positive trend and suggests that the examined asset could host upward price movement in the near future.
Besides the MACD, the Sharpe Ratio also appears to have turned positive. Generally, the combination of a bullish MACD twin peak and a positive Sharpe Ratio indicates Shiba Inu’s upward momentum. However, due to the high volatility of the market, it would be healthier for investors to remain cautious.
How Much Will Shiba Be Worth?
Considering the factors mentioned above, it appears that Shiba Inu’s price has the potential to close above $0.00001473. This level has been an important support in the past, and securing this region again could lead the meme coin, currently trading at $0.00001436, to rise more quickly.
The main target for SHIB appears to be surpassing $0.00001667 and turning it into support, which could trigger larger rallies. A potential new price rally could position $0.00001961 as the next major resistance point for the meme coin.
At the same time, if the resistance at $0.00001667 cannot be broken, the Shiba Inu price could enter consolidation or decline, as reflected in the charts. If supports are potentially lost, SHIB could return to $0.00001281.
SHIB/TRY pair price is seen at 0.0004886 TL, indicating a 1.79% decrease.
