Shiba

Rally

Bitcoin

Shiba Inu

Trillion

<img width="1380" height="824" src="https://coingape.com/wp-content/uploads/2024/02/image-2024-02-17T145404.787.jpg" class="attachment-full size-full wp-post-image" alt="Shiba Inu (SHIB)" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/image-2024-02-17T145404.787.jpg 1380w, https://coingape.com/wp-content/uploads/2024/02/image-2024-02-17T145404.787-300x179.jpg 300w, https://coingape.com/wp-content/uploads/2024/02/image-2024-02-17T145404.787-1224x731.jpg 1224w, https://coingape.com/wp-content/uploads/2024/02/image-2024-02-17T145404.787-768x459.jpg 768w, https://coingape.com/wp-content/uploads/2024/02/image-2024-02-17T145404.787-150x90.jpg 150w" sizes="(max-width: 1380px) 100vw, 1380px">
Shiba Inu Price: Failing to reach the $3 Trillion market cap, the crypto industry takes a hit this week. With a sudden fall in <a href="https://coingape.com/blog/bitcoin-price-is-crashing-whats-going-on/">Bitcoin</a> price under $68,000 the meme coin industry is under a sell-off phase. Amidst the correction, the SHIB price shows a rise in selling pressure and a bearish wedge in play. Will the meme coin bounce back or is further correction underway?&nbsp; 
Also Read: <a href="https://coingape.com/shiba-inu-coin-shib-burn-meteoric-rise-signals-imminent-rally-to-0-00004/">Shiba Inu Coin: SHIB Burn Meteoric Rise Signals Imminent Rally to $0.00004</a> 
<h2 id="b-healthy-retracement-keeps-shib-price-bullish-b">Healthy Retracement Keeps SHIB Price Bullish&nbsp;</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/g/geBBCqvb.png" alt="BINANCE:SHIBUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Shiba Inu Price| Tradingview
 </figcaption>
</figure> 
Being the second highest-ranking meme coin in the crypto industry, the <a href="https://coingape.com/price/shiba-inu/">Shiba Inu price</a> is known for sharp volatile moves. Amidst the recent market correction, the meme coin faces a sharp sell-off leading to an 11% in the last 24 hours.&nbsp;&nbsp; 
In the larger picture, the price movement in the past two weeks showcases a falling wedge under formation. Currently, the SHIB price trades at $0.000028 and tests the bottom support trendline.&nbsp; 
Further, as per the Fibonacci retracement levels, the <a href="https://coingape.com/shiba-inu-community-burns-25-mln-coins-what-next-for-shib/">SHIB</a> price is testing the 50% level in coherence with the trendline. Hence, the chances of a bullish reversal for the meme coin are on the plus side with a critical demand level being challenged.&nbsp; 
Also Read: <a href="https://coingape.com/shiba-inu-shytoshi-kusama-reveals-the-shib-magazines-latest-edition-heres-everything/">Shiba Inu: Shytoshi Kusama Reveals The Shib Magazine’s Latest Edition, Here’s Everything</a> 
<h2 id="b-will-shiba-inu-bounce-back-b">Will Shiba Inu Bounce Back?</h2> 
As per the 4H chart analysis, the <a href="https://coingape.com/shiba-inu-whale-dumps-1-tln-shib-price-takes-bearish-turn-what-next/">Shiba Inu coin</a> trend is under extreme supply pressure under market pullback. Further, with a potential drop in the Bitcoin price, the meme coin sector could take a plunge.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
On the price action front, with the sellers challenging the $0.000027 support signals a potential bounce back. In such a case, the uptrend could reach the overhead trendline close to the 38.20% Fib level at $0.000032.&nbsp; 
A potential breakout from this resistance will signal the continuation of the recovery trend and surpass the $0.00005 
Conversely, in a bearish breakdown, in case of an extended market pullback, the meme coin could drop to $0.000023.&nbsp; 
Also Read: <a href="https://coingape.com/crypto-market-selloff-top-reasons-why-bitcoin-eth-xrp-ada-shib-crash-today/">Crypto Market Selloff: Top Reasons Why Bitcoin, ETH, XRP, ADA, SHIB Crash Today</a> 
<h2 id="b-technical-indicator-b">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: the ongoing correction cracks under the 50-<a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> to test the 100-EMA.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Relative Indicator: The <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> line shows a quick descent below the halfway line and heads to the oversold zone.</li> 
</ul> 
The post <a href="https://coingape.com/markets/shiba-inu-price-eyes-rally-to-0-00005-after-this-final-pullback/">Shiba Inu Price Eyes Rally to $0.00005 After This Final Pullback</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu Price Eyes Rally to $0.00005 After This Final Pullback

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