Shiba Inu finally found support after a consistent decline for three weeks. The price bounced and recovered with a 3% weekly gain. It currently appears indecisive due to a decrease in buying volume.
Most meme coins, including SHIB, have witnessed a drop in volatility in the past hours as they slow down in the latest positive actions across the space.
This is due to the ongoing high-volume inflow in Bitcoin’s price. Volatility is expected to flow massively into SHIB’s price as soon as the leading coin finds a strong trading level for consolidation. Dogecoin, which is the leader of the meme coins park, also suffers a temporal hold.
It recently found support on the descending trendline that got flipped a few months back. The price bounced off the crucial trendline and is now looking poised for a positive rally following the past days of gains.
Today’s buy pressure appears low compared to the last four days. If SHIB reiterates yesterday’s actions before the close of the day, we can expect the price to advance in favor of the bulls. If not, a decrease below last week’s low will confirm a bearish continuation.
Having said that, Shiba Inu is considered bearish on the weekly time frame. A notable increase above the $0.000016 price level should signal the start of a bull run. The buying volume is not strong enough to validate a bullish rally.
SHIB Key Levels To Watch
Last weekend, the price climbed back above the $0.0000105 level and turned it to support. For more upside movement, the resistance levels to watch are $0.0000117, $0.0000129 and $0.000014.
If the price dives below last week’s low of $0.0000097, the closest support to consider is $0.00000936. Lower support levels to keep in mind are $0.0000084 and $0.0000078 in case of more dips.
Key Resistance Levels: $0.0000117, $0.0000129, $0.000014
Key Support Levels: $0.0000105, $0.00000936, $0.0000084
- Spot Price: $0.000011
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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