Memecoins Continue to Stumble! Shiba Inu Price Hints A Bullish Reversal?

The crypto industry continues to display mixed sentiments as the market faces constant price volatility in the chart. Further, top memecoins continue to follow in the footsteps of the category leader, Dogecoin, and record constant bearish movements.

The Shiba Inu coin price traded in a narrow space for a while, following which the market gained momentum and the price broke out of the range. After this, the SHIB coin traded between $0.00001053 and $0.00001108 for over a week, indicating a neutral price action in the market.

As the market lost momentum, the memecoin recorded a drop of over 12% in valuation. The price then traded in a consolidated range between $0.00000926 and $0.00001006 for a brief period.

After multiple failed attempts to break out of the resistance level, the bulls lost momentum, resulting in a price breakdown.

Since then, the Shiba Inu token has been trading in a closed range between $0.00000860 and $0.00000926 and is on the path to test its resistance level soon of which the outcome is unpredictable. 

Will SHIB Price Rise Back Up?

The Moving Average Convergence Divergence (MACD) displays a rise in the red histogram, indicating increased selling pressure in the crypto market. Further, the averages show a bearish convergence, suggesting the SHIB memecoin will experience a negative price action in the coming days.

If the market pushes the price above the resistance level of $0.00000926, the bulls will regain momentum and test its upper resistance level of $0.00001006 soon. Maintaining the price at that level will set the stage for Shiba Inu to attempt to test its resistance level of $0.00001053 this week.

Conversely, if the bulls lose momentum, the SHIB token will fall to test its support level of $0.00000860. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.00000800.