The Shiba Inu price has risen in the past seven days as sentiment in cryptocurrencies and stocks improves. SHIB is trading at $0.000009, which is about 65% above the lowest level in June. In total, the coin is at the same level as where it started the month at.
What happened? The Shiba Inu price staged a strong recovery after it dropped to the lowest level in June. The coin has risen by about 65% from the lowest level during the month. That brought its total market capitalization to more than $3.5 billion. It’s ranking among all cryptocurrencies also improved to 28.
This recovery is mostly because of the fact that the coin was listed in Coinbase Pro in June. In most cases, cryptocurrencies tend to do well when they are listed by a major exchange like Coinbase and Binance. The coin also did well as investors continued to hope that it will rebound and become a viable alternative to Dogecoin.
The Shiba Inu outperformed other coins even as China intensified its crackdown of cryptocurrencies. The country has cracked down on crypto exchanges and mining. It has also focused on crypto influencers, who were credited with the initial rally of the coin. So, what is the outlook of the SHIB price in July?
The hourly chart shows that the Shiba Inu price has been in a strong upward momentum in the past few days. The coin has managed to move past the important resistance at $0.0000084, which was the highest level on June 19 and 25. The upward trend is also being supported by the 25-day and 50-day exponential moving averages (EMA). Most importantly, the coin has formed a bullish pennant pattern that is shown in black.
Therefore, there is a possibility that SHIB will break out higher in July. If this happens, the next key resistance level will be $0.0000098, which is about 9% above the current level. This was the highest level on June 15. On the flip side, a drop below the support at $0.0000084 will invalidate this prediction.
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