Despite the choppy price actions, Shiba Inu doubled its price in four weeks. It provided a 50% discount on retracement but struggled to regain momentum due to low volume.
Earlier this month, Shiba’s price reached a peak of $0.0000157, following a steady recovery from the $0.000008 level. The price fell from that peak and provided some discount at a monthly low of $0.00001170 in a week.
It managed to bounce off that low level with about 17% gains, which brings the current trading price to $0.0000135. The meme coin is trying to reclaim the previous high levels but finds it difficult due to low buying pressure.
The shrink in volatility has facilitated a lot of choppy price action as the price struggles under the $0.000014 resistance level for days. It may take a downturn if this resistance level continues to threaten positive actions.
However, if the cryptocurrency scale through that resistance level, we can expect more positive actions to play. Even though the market looks dicey and uninteresting, Shiba is currently bullish on the daily outlook. The future looks promising as the price remains down by 80% from an all-time high.
SHIB Key Levels To Watch Out For
While in the middle of a build-up, the potential level to watch above the current holding resistance is $0.0000157. Higher resistance levels to consider next are $0.000018 and $0.00002 before making a pullback.
The $0.0000129 level has acted as a support level for the past three days. If the above support fails with more selling pressure, the level to consider next is $0.0000115. The $0.0000105 support level will serve as a retest point of the trend line. There is also support at $0.00000936 in case of more dip.
Key Resistance Levels: $0.000014, $0.0000157, $0.000018
Key Support Levels: $0.0000129, $0.0000115, $0.0000105
- Spot Price: $0.0000135
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.