Shiba Inu Knocks Out A Zero With A Price Jump! What’s Next For SHIB In March?

The post Shiba Inu Knocks Out A Zero With A Price Jump! What’s Next For SHIB In March? appeared first on Coinpedia Fintech News

Following the price pump, memecoins have gained significant attention from the crypto market with top tokens adding over 10% each to their respective portfolios. This highlights a positive price action for these in the upcoming weeks.

The Shiba Inu price continues to walk in the footsteps of the category leader and displays a similar trend by adding over 5% to its valuation within the past 24 hours and adding over 13% over the past seven days.

SHIB Price Records A Trend Reversal!

The Shiba Inu price traded in a closed range between $0.00000879 and $0.00000923 for about a week, after which the bulls jumped over 6.5% within the next two days. Following this, the price traded in a closed range between $0.0000923 and $0.00000971 for the next five days.

As the market volatility grew, the bulls successfully broke out of the resistance level, but the rally was short-lived as the price faced rejection at $0.00001012, after which the memecoin displayed a neutral trend for a brief period.

TradingView: SHIB/USDT

The bulls struggled to hold the price above the support level of $0.00000971, resulting in the price experiencing a pullback in the chart. The SHIB coin traded between $0.00000923 and $0.00000971 for the next five days, indicating a weak price action for the coin in the crypto market.

Recently, the bulls regained momentum and recorded a notable jump of over 20% within the next two days. Since then, the price has been trading in a closed range between $0.00001074 and $0.00001142.

The Moving Average Convergence Divergence (MACD) displays a constant decline in the histogram, highlighting a rise in the selling-over-buying pressure in the market. Moreover, the averages show a bearish curve, suggesting a negative price action for the memecoin in the coming time.

Will Shiba Inu Price Increase?

If the Market holds the SHIB price above the support level of $0.00001074, the bulls will regain momentum and retest its resistance level of $0.00001142. Further, if the bulls hold the price at that level, it will set the stage for Shiba Inu Price to attempt to test its upper level of $0.00001197.

Negatively, if the bears gain control over the bulls, the memecoin will start trading under a bearish influence and test its support level of $0.00001012. Moreover, if the bulls fail to regain momentum at that level, it will plunge and prepare to test its lower level of $0.00000971 in the coming time.