Shiba Inu Price Forecast: June high as Trump lead drives crypto
As Donald Trump leads the US presidential race, Shiba Inu prices rise.
A break of the meme coin price's declining trendline would imply a rise.
SHIB's long-to-short ratio hits its best level since October, signaling traders expect a rebound.
Following the cryptocurrency rally on Wednesday, Shiba Inu (SHIB) rises more than 7% as former President Donald Trump leads the US presidential election. The meme coin price may rise if it breaks and closes above a downward trendline, supported by a rising long-to-short ratio that hit its highest level since October.
SHIB may rally if it breaks major resistance level. Shiba Inu's price surged over 7% on Wednesday and is approaching a declining trendline (made by connecting numerous highs since March).
Should SHIB break above the falling trendline and close above the daily resistance level at $0.000020, it would rise 30% to retest its June 5 high of $0.000026.
On Wednesday, the daily chart's Moving Average Convergence Divergence (MACD) indicator will flip a bullish crossing, signaling a buy signal and upward momentum. The Relative Strength Index (RSI) is also over 50, indicating bullish momentum.
On Tuesday, the Shiba Inu team announced aspirations to change the US crypto scene, sparking investor interest. Shytoshi Kusama's blog article proposes a Strategic Hub for Innovation and Blockchain (SHIB) in the “Silicon Valley of Crypto,” to be offered to the future US president and the crypto community.
“This SHIB initiative seeks to boost economic growth, create high-quality jobs, strengthen national security, and strengthen US leadership in emerging technologies. The center will include sustainable methods to meet national environmental and economic objectives
If SHIB fails to break above the declining trend line and closes below $0.000015 on September 30, the bullish thesis is invalidated. Another 14% drop in the Shiba Inu price would retest its September 18 low of $0.0000129.
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