Shiba Inu Rallies As Market Cap Surpasses $7 Billion

Shiba Inu
Shiba Inu Rallies As Market Cap Surpasses $7 Billion
  • SHIB rallies from a low of $0.00000800 to a high of $0.000012 as the price shows signs of relief after a while
  • SHIB shows strength as the price breaks above the key region of interest with high hopes of the price rallying higher

The price of Shiba Inu (SHIB) hasn’t enjoyed the rally it had in recent months that brought its names to the lips of many traders who have come to see trading memecoins could become lucrative considering how less expensive it has been for many and how vibrant the communities continue to push the price of these crypto assets.

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The price of Shiba Inu (SHIB) has had a rather tough time during this bearish run as the price of the asset has dropped by 80% from its all-time high of $0.0000800, where the price of SHIB enjoyed a monumental market cap of over $40 Billion as this helped the memecoin to be ranked among the top 20 altcoins in the cryptocurrency market during the bull run.

With the crypto market looking more promising in the last couple of days, there is high speculation of crypto assets, including memecoins like SHIB, to have a bit of relief bounce to a high of $0.000014.

Shiba Inu (SHIB) Daily (1D) Price Chart Analysis 

SHIB Daily Price Chart Analysis – Source:

The price of SHIB suffered more losses during the last FTX event, which has left its price dropped to a low of $0.0000079, with the market cap dropping drastically, leading to more worry for Shiba Inu traders. 

The crypto market saw a minor relief bounce which many altcoins have taken advantage of, with the price of SHIB rallying to a high of $0.000012, breaking its resistance of $0.0000093 as the price has reclaimed the 50 and 200 Exponential Moving Average (EMA) on the daily timeframe leading to more hope of relief bounce.

A break and close above $0.000012 corresponds to the 200 EMA; we could see more relief from SHIB as the market cap has increased to over $7 Billion, complementing the price increment.

SHIB Resistance On The Daily Chart – $0.000014

SHIB Support On The Daily Chart – $0.000012 – $0.0000095 

Image From Tom's Guide, Chart From Tradingview
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