Will SHIB Price Reclaim $0.00003 Mark By July End?

Shiba
Inu
Price
Analysis:
The
supply
pressure
on
the
cryptocurrency
market
eased
over
the
weekend
as
the
Bitcoin
price
projected
a
sharp
reversal
from
$53500.
Thus
upswing
has
temporarily
triggered
a
relief
rally
for
the
majority
of
altcoins
and
especially
for
meme
coins
due
to
their
volatile
nature.
The
second-largest
meme
coin
Shiba
Inu
shows
such
behaviors
after
a
sharp
reversal
from
the
$0.0000126
floor.
Will
this
recovery
be
sustained?

Also
Read:
Shiba
Inu
Coin
Price
Forecast:
What
Next
For
Meme
Coin,
Can
SHIB
Break
$0.00003
Soon?

Shiba
Inu
Price
Analysis:
Channel
Pattern
Sets
SHIB
For
Major
Reversal 

July’s
First-week
sell-off
has
contributed
significantly
to
the
ongoing
correction
trend
of
Shiba
Inu
indicated
in
June.
From
the
last
swing
high
of
$0.0000294,
the
meme
coin
tumbled
57%
to
a
4-month
low
of
$0.0000125.

Amid
the
weekend
relief
rally,
the
SHIB
price
reverted
27%
to
trade
at
$0.000016,
while
the
market
cap
jumped
to
$9.48
Billion.
An
analysis
of
the
daily
chart
shows
this
reversal
as
the
formation
of
a
falling
channel
pattern.

Under
the
influence
of
this
setup,
two
parallel
trendlines
act
as
dynamic
resistance
and
support
to
lead
to
a
steady
downtrend.
A
potential
bullish
reversal
within
the
channel
should
uplift
the
asset
by
40%
to
challenge
the
overhead
trendline.

Also
Read:
Shiba
Inu
Coin
Surges
As
360M
SHIB
Burnt
Over
The
Week,
More
Steam
Left?

Furthermore,
in
a
recent
tweet
Andrew
Kang,
the
founder
of
Mechanism
Capital,
expresses
his
opinion
on
the
current
market
scenario.
Kang
believes
that
over
98%
of
altcoins
have
already
peaked
for
the
current
cycle,
with
only
a
select
few
potentially
reaching
new
highs
in
the
latter
part
of
2024
or
early
2025. 

Memes
probably
constitute
a
majority
of
the
coins
that
have
a
chance
of
making
new
highs

Hundred
of
thounsands
of
memecoins
though
so
you
need
to
be
quite
selective

—
Andrew
Kang
(@Rewkang)

July
7,
2024

He
particularly
highlights
meme
coins
as
having
a
significant
chance
among
those
few
to
achieve
new
highs
but
advises
to
choose
wisely
from
the
massive
available
options.

Thus,
the
Shiba
Inu
price
breakout
from
the
channel
pattern
will
be
a
better
signal
of
trend
reversal.
A
potential
breakout
could
bolster
buyers
to
chase
a
potential
target
of
$0.0000456,
followed
by
a
$0.0000885
high.

However,
until
the
channel
pattern
is
intact,
the
SHIB
price
could
prolong
its
ongoing
correction.

Technical
Indicator

• 
  BB
  Indicator:
  
  An
  upswing
  in
  the
  lower
  boundary
  of
  the
  Bollinger
  Band
  indicator
  highlights
  weakened
  bearish
  momentum
• 
  RSI:
  
  The
  daily
  Relative
  Strength
  Index
  slope
  reverted
  from
  the
  oversold
  region
  to
  hit
  39%
  hinting
  at
  the
  increasing
  demand
  pressure
  for
  this
  asset
  at
  the
  market
  dip.

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