New Delhi: Shiba Inu prices witness a steep sell-off after a good upward rally this weekend as SHIB was trading at $0.00000763 which makes its total market cap to more than $2.8 billion respectively.
The 4-hour charts showed that SHIB rose by more than 34% from its lowest price level since June. Other major coins like Bitcoin, Ethereum, and Ripple also rallied.
Shiba Inu tried to retest its key support at $0.0000070 and remained above the 25-day and 50-day moving averages which gave a sign that SHIB is trying to resume the bullish trend.
This technical development has positioned the SHIB for a potentially better outcome if it can hold the resistance formed by the upper line of the descending parallel channel.
Last week, SHIB closed with a gain of 15.3% marking its best weekly return in the past many weeks. It removed Shiba Inu from the threat territory of a new correction low which was dominated from July 22.
Closing above the 50-day SMA on August 7 gave the direct buy signal for SHIB traders and set a bullish narrative. Eventually, it has opened many new possibilities for SHIB which includes the breakout from the upper line of the downward parallel channel which is at $0.00000794.
If Shiba Inu’s price rallies to $0.00001214 then it can reward SHIB investors with a whopping 56.00% gain from August 7 closing above the 50-day simple moving average.
SHIB’s price was not moving below the 50-day SMA and it was necessary to confirm the interest in the coin. Hopefully, interest in the coin occurred over the weekend which was a reward for the patient market operators. At this time investors can easily pursue the upside trend with a potential bull run.
AS per FXStreet, analysts have evaluated that SHib could be heading next for a 70% upward rally.
