After a dip, the price of the Shiba Inu turned around at the $0.00000675 low and has since increased by almost 6% over the previous five days.
Although SHIB is expected to see 15% gains, this upside potential is only going to be a pipe dream due to poor momentum and early profit taking.
Once the meme currency registers a three-day candlestick close above the $0.00000814 mark, the bearish thesis will be validated.
The price of the Shiba Inu (SHIB) is moving northward in an effort to rebound following a sharp decline. It happens while the larger market still has to deal with volatility brought on by the craze for Spot Bitcoin exchange-traded funds (ETFs).
SHIB Price Gains 6% as Shiba Inu Adjusts to Lower Mean,SHIB Price Gains 6% as Shiba Inu Adjusts to Lower Mean
Price recovery rally for Shiba Inus is probably temporary.
Although the price of Shiba Inu (SHIB) is still negative, it is making an attempt at a rebound rally, as seen by a 6% increase in less than a week. It follows a roughly 40% decline in price from the August 11 intraday peak of $0.00001136 to the October 10 floor price of $0.00000671.
The purchasing pressure originating from the demand zone, spanning from $0.00000655 to $0.00000694, directs the rise. Aggressive purchasing pressure characterises this order block, which, if it persists, might support an increase for SHIB. Technical signs, however, suggest that the recovery rally is premature.
First of all, the Awesome Oscillator (AO) indicators are in the negative region with red histogram bars, which exacerbates the bearish position of the Relative Strength Index (RSI), which is still below the 50 level. This suggests that the price of the Shiba Inu might drop and probably hit $0.00000675, the crucial support level. The rebound rally would end if there was a three-day candlestick closing below this mark.
In the worst scenario, the decline can continue until buy-side liquidity is gathered and the price of the Shiba Inu drops as low as the $0.00000543 range low.
However, if investors are sidelined and enter the market later than expected, the price of the Shiba Inu may increase further and hit the supply zone, which is between $0.00000786 and $0.00000837. An unambiguous breach and closure above this order block’s midline would validate the upward trend.
The price of the Shiba Inu might fail the supply zone as a resistance zone in a very bullish scenario, turning it into a bullish breaker. If a breakout of this magnitude occurs, SHIB may aim for the high of the $0.00000910 area. A move like that would represent a 25% increase over the present levels.
SHIB Price Gains 6% as Shiba Inu Adjusts to Lower Mean,SHIB Price Gains 6% as Shiba Inu Adjusts to Lower Mean,SHIB Price Gains 6% as Shiba Inu Adjusts to Lower Mean,SHIB Coin Crypto news, SHIB Coin News