Dogecoin and Shiba Inu price have been keeping up with the market drop for a while. SHIB swept the lows of the $0.0000114 and $0.0000143 range in its recent moves, implying a trend reversal. Crypto analyst Akash Girimath thinks that investors can expect a 20% increase to the upside from $0.0000143.
The last time this happened, Shiba Inu (SHIB) price exploded
Shiba Inu price fell 20% between May 13 and 14, while forming a range from $0.0000114 to $0.0000143. This long-protected area has seen bears and bulls fight multiple times, most recently on May 24. The last time SHIB was consolidated and narrowly consolidated was in September 2021, followed by an exponential increase. At this time, the cryptocurrency market was fluctuating sharply. Therefore, current price action could also indicate the possibility of such a move occurring, according to analyst Akash Girimath.
In the next price action, investors can see a market with upside winds. As the bottom for SHIB was tested on May 24, traders expect the Shiba Inu price to reverse its trend. A possible reversal will push the Shiba Inu price higher due to the price action that has taken shape over the past 11 days. As a result, the upcoming rally will allow the bulls to push the range higher at $0.0000143 for a 25% rise.
While things are looking positive for the meme coin, a four-hour candlestick below $0.0000114 will create a lower low and invalidate the bullish thesis for Shiba Inu price. In such a case, SHIB could decline further and revisit the $0.000106 support base.
Shiba Inu news of the week
Details about RYOSHI, the reward token of the Shiba ecosystem. Announcing that they will reward those who participate in SHIB burn events, the Shiba team aims to make the SHIB ecosystem more deflationary with the RYOSHI token. As Kriptokoin.com, we have discussed the details of the announcement in this article.
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