• Shiba Inu price recovers after the successful test of the May 19 low at $0.00000607.
  • Descending channel originating on June 3 has been resolved with the developing surge higher.
  • According to CoinMarketCap, the total number of SHIB price estimates for June 30 only exceeded by BTC estimates.

Shiba Inu price had been locked in a descending channel since June 3, before overcoming the channel’s upper boundary on June 12 and followed up by today’s 10% gain. The favorable price action developed after a brief decline below the May 19 low, creating a bear trap for some investors. A continuation of the SHIB rebound will be met with solid resistance at $0.00000770.

Shiba Inu price clarifies structure after a period of indecision

It took a compelling reversal to release Shiba Inu price from the descending channel and drown the skepticism inspired by the bearish price structure. As anticipated in a June 11 FXStreet article, there is no immediate resistance for SHIB until the interesting range that hovers around the $0.00000770 level. It was resistance June 7-9 and support June 27-30, and an area of price congestion May 21-23. 

The $0.00000770 level is reinforced by the 50 nine-hour simple moving average (SMA) at $0.00000791. A close above those two levels should propel Shiba Inu price to the apex line of the multi-week symmetrical triangle at $0.00000888, offering SHIB traders and investors a 29% gain from the current price.

More aggressive levels include the June 2 high of $0.00001048 and the rough confluence of the May 24 high of $0.00001204 with the May 20 high of $0.00001214. Fibonacci levels do not come into play until $0.00001278, the 23.6% retracement of the May plunge.

A detraction of this new, emerging SHIB rally is the absolutely low commitment shown in the total volume. On the intra-day charts ranging from four hours to twelve hours, none of the positive candlesticks since yesterday’s low have been supported with above-average volume. A point to consider if the rally continues to develop.

SHIB/USD 9-hour chart

SHIB/USD 9-hour chart

As long Shiba Inu price remains above the May 19 low, SHIB investors should be focused on the upside potential for the rookie cryptocurrency. However, if Shiba Inu price does register a daily close below the May 19 low, this rebound will have been just a dead-cat bounce.

It is easy to dismiss the relevance of SHIB in the more extensive cryptocurrency complex. Still, it is interesting to note that as of June 10, the meme token ranks second, behind only Bitcoin in the CoinMarketCap Top 10 Cryptoassets with Most Price Estimates. The report shows SHIB with 9,864 price estimates for June 30 with an average price of $0.00001143.

Assuming that the estimate average is correct, it would equal a 66% gain for Shiba Inu price from the current price and elevate SHIB near the May 24 high at $0.00001204. Something to analyze with the digital asset up 10% today.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Crypto Gainers Price Prediction: WIF, SPX, XLM - Meme coins shine as Bitcoin hits record high

Crypto Gainers Price Prediction: WIF, SPX, XLM - Meme coins shine as Bitcoin hits record high

Cryptocurrency market sentiment improves as Bitcoin reaches a new all-time high, catalyzing a sharp recovery in meme coins such as Dogwifhat, SPX6900, alongside the payment token Stellar.

GMX slumps following $40 million hack on V1 platform

GMX slumps following $40 million hack on V1 platform

GMX experienced a double-digit decline on Wednesday after the exchange lost $40 million in an exploit targeting its V1 platform and GLP pool on Arbitrum, while its V2 platform remained unaffected.

Tokenization could pull in 5% of $257 trillion global stock, bond markets: Bitwise

Tokenization could pull in 5% of $257 trillion global stock, bond markets: Bitwise

Tokenization of stocks and bonds is expected to capture 1-5% of the combined value of the bond and stock markets, currently at $257 trillion, according to Bitwise executives Matt Hougan and Ryan Rasmussen in a note to investors on Wednesday.

Ethereum Price Forecast: ETH surges 5% on Bitcoin's all-time high and GameSquare treasury announcement

Ethereum Price Forecast: ETH surges 5% on Bitcoin's all-time high and GameSquare treasury announcement

Ethereum rallied past $2,700 alongside the broader cryptocurrency market on Wednesday, notching a 5% gain following Bitcoin's surge to a record high near $112,000. The rise in the market underscores Bitcoin's strong correlation with top cryptocurrencies.

Bitcoin: BTC ends Q2 with 30% gains, Standard Chartered eyes $200K by year-end

Bitcoin: BTC ends Q2 with 30% gains, Standard Chartered eyes $200K by year-end

Bitcoin (BTC) closed a strong second quarter (Q2), recording nearly 30% in quarterly gains amid rising corporate and institutional demand and bullish market sentiment.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP