Shiba Inu Price Analysis: Will SHIB Recovery Hit $0.00003 By May End?

Shiba Inu Price Analysis: On Wednesday, the cryptocurrency market witnessed a notable downtick which triggered a 1-2% fall in leading digital assets like Bitcoin and Ethereum. After significant growth earlier this week, the market is likely stabilizing to replenish its bullish momentum. However, most of the major altcoins including Shiba Inu are following a bearish trend today, providing a suitable dip entry for sidelined traders. 

Also Read: Shiba Inu Coin Burn Rate Soars 570% Amid Rally, Where’s SHIB Price Heading?

How Ethereum ETF News is Influencing SHIB’s Price Action

Shiba Inu Price Analysis| Tradingview

The recent correction trend in Shiba Inu coin trade within a symmetrical triangle pattern for the past seven weeks. The two converging trendlines acted as dynamic resistance and support for the SHIB price and narrowed it down to a small range.

The compressed range led to a decisive breakout from the pattern’s upper trendline on May 15th. This breakout signals the end of the correction trend and provides buyers with suitable support to bolster a higher rally

Moreover, the market witnessed a renewed buying momentum this week as the Ethereum coin rallied following the development regarding spot ETH ETF. Amid the altcoin rally, the SHIB price reached its 4-week high of $0.0000268 on May 22nd. 

However, the recovery takes a minor pullback where the SHIB price shows a 3% intraday loss to hit $0.00002534. If the bearish momentum persists, this memecoin may tumble another 4.9% to retest the support trendline of the aforementioned triangle.

This dynamic support could recuperate the bullish momentum and set the Shiba Inu coin to chase a potential target at $0.000028, followed by $0.000032.

Technical Indicator:

• Bollinger Band: The coin price challenging the upper boundary of the Bollinger Band indicator highlights the aggressive nature of buyers.
• Relative Strength Index: The daily RSI slope back above the midline assures a growing bullish sentiment in the market.

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