Last month saw Shiba Inu through its most significant loss since the start of the year. However, the meme coin was wicked at $0.0000055 and recovered to its breakdown level in two weeks. After testing it, the price slipped back.
Shiba Inu went through serious bearish actions this year but later found solid ground after losing 65% of its value in five months. has been showing strength for some weeks now, registering more than 30% in a month.
The price is currently testing the diagonal resistance line that has been suppressing buying pressure for the past months. It may resume bearish actions if this resistance line continues to threaten the bulls.
Considering the last five-day push from $0.0000070, followed by a slight break above this diagonal line, it may advance bullishly above $0.00001 in the next couple of days. Last month’s resistance remains an important level to watch for a bullish breakout.
Despite past weeks of recovery, the price is still down by 50% on a yearly scale. A full recovery to the $0.0000157 resistance level, where it initiated bearish in February, could set the price for a bull run.
Looking at the market structure from its all-time high, the trend looks extremely bearish on the weekly chart. On the other hand, it is providing a big buying opportunity for long-term bulls.
Shiba’s Key Levels To Watch
While the price is currently on the verge of reclaiming the $0.00000790 level, the last month’s $0.00000837 resistance is an important break level for $0.00000918.
The current buying is supported by $0.00000714, followed by the main $0.00000655 level. If a drop occurs and these mentioned levels fail to suppress sell actions, the lower levels to consider for drops are $0.0000060 and $0.00000543. A crack from here could lead to another big sell-off.
Key Resistance Levels: $0.00000790, $0.00000837, $0.00000918
Key Support Levels: $0.00000714, $0.00000655, $0.0000060
- Spot Price: $0.00000770
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: ivanbabydov/123RF // Image Effects by Colorcinch
