{"id":339465,"date":"2024-07-08T01:16:46","date_gmt":"2024-07-07T19:46:46","guid":{"rendered":"https:\/\/dripp.zone\/news\/will-shib-price-reclaim-0-00003-mark-by-july-end-crypto-news-2\/"},"modified":"2024-07-08T01:29:07","modified_gmt":"2024-07-07T19:59:07","slug":"will-shib-price-reclaim-0-00003-mark-by-july-end-crypto-news-2","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/will-shib-price-reclaim-0-00003-mark-by-july-end-crypto-news-2\/","title":{"rendered":"Will SHIB Price Reclaim $0.00003 Mark By July End? – Crypto News"},"content":{"rendered":"

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Shiba Inu Price Analysis: The supply pressure on the cryptocurrency market eased over the weekend as the Bitcoin<\/a> price projected a sharp reversal from $53500. Thus upswing has temporarily triggered a relief rally for the majority of altcoins and especially for meme coins due to their volatile nature. The second-largest meme coin Shiba Inu<\/a> shows such behaviors after a sharp reversal from the $0.0000126 floor. Will this recovery be sustained?<\/p>\n

Also Read: Shiba Inu Coin Price Forecast: What Next For Meme Coin, Can SHIB Break $0.00003 Soon?<\/a><\/p>\n

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Shiba Inu Price Analysis: Channel Pattern Sets SHIB For Major Reversal\u00a0<\/b><\/h2>\n
Shiba Inu Price Analysis| Tradingview<\/figcaption><\/figure>\n

July\u2019s First-week sell-off has contributed significantly to the ongoing correction trend of Shiba Inu indicated in June. From the last swing high of $0.0000294, the meme coin<\/a> tumbled 57% to a 4-month low of $0.0000125.<\/span><\/p>\n

Amid the weekend relief rally, the SHIB price<\/a> reverted 27% to trade at $0.000016, while the market cap jumped to $9.48 Billion. An analysis of the daily chart shows this reversal as the formation of a falling channel pattern.<\/span><\/p>\n

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Under the influence of this setup, two parallel trendlines act as dynamic resistance and support to lead to a steady downtrend. A potential bullish reversal within the channel should uplift the asset by 40% to challenge the overhead trendline.<\/span><\/p>\n<\/blockquote>\n

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Also Read: Shiba Inu Coin Surges As 360M SHIB Burnt Over The Week, More Steam Left?<\/a><\/p>\n

Furthermore, in a recent tweet Andrew Kang, the founder of Mechanism Capital, expresses his opinion on the current market scenario. Kang believes that over 98% of altcoins have already peaked for the current cycle, with only a select few potentially reaching new highs in the latter part of 2024 or early 2025.\u00a0<\/span><\/p>\n

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Memes probably constitute a majority of the coins that have a chance of making new highs<\/p>\n

Hundred of thounsands of memecoins though so you need to be quite selective<\/p>\n

\u2014 Andrew Kang (@Rewkang) July 7, 2024<\/a><\/p>\n<\/blockquote>\n

He particularly highlights meme coins as having a significant chance among those few to achieve new highs but advises to choose wisely from the massive available options.<\/span><\/p>\n

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Thus, the Shiba Inu price breakout from the channel pattern will be a better signal of trend reversal. A potential breakout could bolster buyers to chase a potential target of $0.0000456, followed by a $0.0000885 high.<\/span><\/p>\n

However, until the channel pattern is intact, the SHIB<\/a> price could prolong its ongoing correction.<\/span><\/p>\n

Technical Indicator<\/h2>\n