Shiba Inu Price Analysis: SHIB Price To Hit $0.00020 This Week?

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The Meme coins category has continued recording a volatile price action over the past few days. This highlights increased price action for these projects in the market. Moreover, the top memecoins such as Doge and Shib tokens have regained momentum, suggesting a bullish Q4!

With the current market sentiments, will the Shiba Inu price maintain its bullish run and reclaim a multi-month high? In this article, we have covered the short-term price prospects of the Shiba Inu (SHIB) memecoin.

SHIB Memecoin Records Increased Bullish Action!

By adding 3.86% within the past day with a trading volume of $299.88 million, the Shiba Inu token has maintained its value above its important support level of $0.0000170. Moreover, it continues trading within the triangle pattern and is now hovering close to its resistance.

The Moving Average Convergence Divergence (MACD) shows a constant decline in the red histogram. This suggests an increase in the bullish sentiment for the 2nd largest memecoin in the crypto market.

Further, the SMA constantly supports the Siba Inu price chart in the 1D time frame. Further, with a constant uptrend in the price trend, the SHIB price may continue to rise during this month.

How High Will Shiba Go In 2024?

Maintaining the price above its support level of $0.0000170 could set the stage for this meme coin to test its resistance trendline of the triangle pattern. Suppose, a bullish breakout occurs, in that case, the SHIB crypto could test its upper high of $0.00002350.

On the flip side, if the bears regain momentum, the price could break down its support level of $0.0000170. Moreover, if the bears outrun the bulls, this could result in it plunging toward its crucial low of $0.00001175.

Also read, Shiba Inu (SHIB) Price Prediction 2024 – 2030