Shiba Inu Price Sees an Upward Trend, Impending Rally to $0.00005?

Shiba Inu (SHIB) appears to be going up following the continued price plunges experienced by the whole crypto market. Investors now are wondering if the meme coin will go on a rally within the week.

At the time of writing, the SHIB price is $0.0000256, a 2.7% increase over the last 24 hours. The canine-themed crypto has a 24-hour trading volume of around $626 million and is currently ranked 15th on the market. Meanwhile, SHIB’s live market cap is over $13.9 billion.

As seen in the chart above, SHIB is 80% below its resistance level of $0.00003. Although it may seem bearish, the chart suggests that SHIB still sits at a decent position. Its current price at the time of writing is still slightly higher than its price last week at 0.0000250 when SHIBA got listed on fintech trading platform Robinhood.

It can be remembered on April 12 that Robinhood made SHIB available on its platform, along with three other crypto tokens Solana (SOL), Polygon (MATIC), and Compound (COMP). At the time, SHIB surged to about 25% within the first hour the news broke out, spiking to 36% later on but declining around 18%.

SHIB has yet to reach the $0.0000329 neckline despite seeing more than three months of price movements. If a breakout happens—when a daily candlestick exceeds the barrier— SHIB will likely hit $0.0000454. Once this price is attained, the rally might go on to the $0.0000500 psychological level.

It is important to note that while the SHIBA price is going up, it still depends on the direction of the leading crypto Bitcoin (BTC). If the BTC drops, the price of SHIB price and all the other altcoins may also break out.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.