Shiba Inu has recently been moving in a narrow range. The coin is having difficulty rising, with its major resistance at $0.000035. And the coin has been moving in a consistent pattern, with no significant upswings. However, the coin is currently trading at $0.00002927, a 2.4 percent drop in the last 24 hours.
The canine coin has a market capitalization of $14,605,010,065. The trading volume over the last 24 hours has been $2,746,720,863. Gains over the last week have been around 2.9 percent, while gains over the last two weeks have been around 316.8 percent. The gains appear to be on a downward trend. It reached a high of 400 percent during the first week of the month.
Since the recent correction, the SHIB price has been trending within the descending parallel channel and is attempting to break out. The most recent breakout attempt caused the asset to trend in an ascending channel within a descending channel. Furthermore, a breakout is very likely in the next few hours.
SHIB Price must remain above its immediate support level of $0.00002750. If not, the coin could fall to its next major support level of $0.0000230. However, we can anticipate a pullback before the upswing. However, if SHIB is able to recover from its current levels, the major support levels will be rendered meaningless.
With its major catalyst in place, the meme coin has a good chance of reaching its target price of $0.00005 in the near future. SHIB acceptance and adoption are increasing at a steady rate. This may help it keep up with the movements of its candles. While Shopping.io is currently offering discounts with the code “SHIBA.” Payments will now allow users to use SHIB, LEASH, and BONE on select e-commerce portals. Hopefully, the applications will encourage more investors to enter the market.