Shiba Inu Coin (SHIBhttps://www.investingcube.com/shiba-inu-coin-price-prediction-shib-slides-as-btc-plummets-below-29k/) price is on its way to flip bullish after a recent breakout. The top memecoin is currently retesting a strong supply zone which must be turned into a support level. A lot depends on Bitcoin, which is struggling to break above $30,000, the biggest resistance on its chart.
On Wednesday, Bitcoin price broke above $30,000 but couldn’t gain any strength. Altcoins showed an increase in volatility due to the volatile BTC price action. SHIB price surged to $0.00001006 before having a retracement. Nevertheless, the memecoin was still up 1.99% till press time.
SHIB Shows A Remarkable Recovery From June Lows
In June 2023, SHIB plummeted to $0.00000543 but got a strong rebound. Since then, the dogcoin has soared more than 79%. This recovery is also backed by strong volume, which is evident from its daily chart. This rally has strengthened Shiba Inu’s status as the second biggest memecoins in terms of market capitalization.
While the Shiba Inu coin price has shown some good strength in the past few weeks, it still needs to flip a key level into the support zone. A reclaim of this level could unlock a huge upside for the memecoin with a potential 50% price increase from the current levels.
Shiba Inu Coin Price Prediction
A look at the following SHIB price chart depicts that the coin is attempting to break above the 200-day moving average. This moving average acts as a huge resistance once the price breaks below it. Currently, the key moving average lies just at $0.0000985, which is just a few ticks above the current price.
A break above this key moving average will make the Shiba Inu coin price prediction very bullish. In this case, my first target will be the April high of $0.00001174, followed by the yearly peak of $0.00001500. Such a move is only likely to occur if BTC stabilizes above $31,000.
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