SHIB Inu Coin Price Soar Nudges DOGE Back into the Crypto Top Ten

Key Insights:

• On Sunday, Shiba Inu Coin (SHIB) surged by 34% to end the week up 41%.
• A meme coin revival delivered the SHIB breakout, with SHIB and DOGE having trailed the crypto front runners going into the Sunday session.
• Technical indicators flash green, with the SHIB breakout from the 50-day EMA signaling a possible return to $0.000020.

On Sunday, Shiba Inu Coin (SHIB) surged by 33.8%. Reversing a 0.32% decline from Saturday, SHIB ended the week up 40.45% to $0.00001691.

Bullish throughout the morning, SHIB broke through the day’s Major Resistance Levels to strike an early afternoon high of $0.00001794.

A late pullback saw SHIB return to sub-$0.000016 levels before a late bounce back to end the week at $0.00001691.

Investor Interest in Crypto Laggards Delivered a Meme Coin Revival

There were no crypto news stories to deliver a breakout session on Sunday. While on an upward trend since a June 18 current year low of $0.00000712, the market was focused on network news updates. Cardano (ADA) and Ethereum (ETH) have stolen the show, progressing towards the Vasil hark and, more significantly, the Merge.

With SHIB and Dogecoin (DOGE) trailing the front runners, arbitrage opportunities presented themselves. The SHIB breakout delivered support to meme coins, with DOGE nudging out Polkadot (DOT) to move into the crypto top ten by market cap.

On Sunday, DOGE rallied by 12%, with no Elon Musk tweets to blame.

However, while there were no drivers for the session, appetite could improve, with burn rates and adoption news SHIB positive.

In early August, Binance announced the inclusion of SHIB to the list of supported cryptocurrencies for the Binance Card.

Shiba Inu Coin Price Action

At the time of writing, SHIB was down 1.24% to $0.0000167.

Technical Indicators

SHIB needs to avoid the $0.0000158 pivot to test resistance at the Sunday high of $0.00001794 and the First Major Resistance Level (R1) at $0.0000190.

A bullish start to the week for the broader crypto market would support a return to $0.000018.

In the event of an extended rally, SHIB should test resistance at $0.000020 and the Second Major Resistance Level (R2) at $0.0000212. The Third Major Resistance Level (R3) sits at $0.0000265.

A fall through the pivot would bring the First Major Support Level at $0.0000137 into play. Barring an extended sell-off throughout the day, SHIB should avoid sub-$0.0000130 and the Second Major Support Level at $0.0000105.

The Third Major Resistance Level sits at $0.0000051.

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. SHIB currently sits above the 50-day EMA at $0.0000130. This morning, the 50-day EMA pulled away from the 100-day EMA. The 100-day EMA widened from the 200-day EMA, delivering bullish price signals.

A hold above the 50-day EMA and a further 50-day EMA widening from the 100-day EMA would support a breakout from R1 ($0.0000190) to target R2 ($0.0000212).

However, a fall through S1 ($0.0000137) and the 50-day EMA would bring the 100-day EMA ($0.0000125) into view.