Shiba Inu saw a small correction this week after witnessing a dramatic increase throughout last month. It recently found support and now attempting to retest the weekly breakdown level.
Last month, Shiba Inu (SHIB) registered over 35% gains following the recovery that hit the entire crypto market. After the price was rejected at $0.0000157 a few days back, it fell and corrected lower.
It has found support above $0.0000112 and retested a crucial resistance level. The price is likely to rise in the coming week if that support level holds on a weekly scale.
The interesting thing is that the price is still trading well above the psychological level of $0.00001. However, there is still a chance for the asset to regain momentum. A fall below the mentioned price levels could trigger a deep correction.
As of now, it is still looking bullish on the higher time frame, but the momentum appears a bit weak. The setups look bearish on the lower time frame.
If the buyers act upon the current low and push above this week’s high, we should expect a huge price movement in the next. Such a scenario could come into play should Bitcoin stays calm for some days.
SHIB Key Levels To Watch Out For
The 4 hours chart signals a potential buy. If this action plays out, the nearest resistance levels to consider are $0.000014 and $0.000157. A notable break above these levels should rally the price to a new high of $0.00016.
SHIB holds several supports if selling pressure resumes. It would need to lose the current support level before dipping further. Below $0.0001, the support to keep in mind is $0.00000936 and $0.0000084.
Key Resistance Levels: $0.0000129, $0.000014, $0.0000157
Key Support Levels: $0.0000115, $0.000000105, $0.00000936
- Spot Price: $0.0000129
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: igorigorevich/123RF // Image Effects by Colorcinch
