Shiba Inu retraces back to breakout support – Will price rebound?

Shiba Inu retraces back to breakout support – Will price rebound?
фото показано с : coinjournal.net

2022-8-23 22:40

Shiba Inu token rallied to $0.000017 as risk-on sentiment entered markets

The token trades at support after losing grip of previous gains 

Crypto sentiment remains weak, but Shiba Inu could take a u-turn to the upside 

Whether Shiba Inu SHIB/USD has returned to the bear market is a question hard to answer. However, one sure thing is that Shiba Inu maintains key technical levels. Buyers could be about to take it higher after the latest slowdown. 

Shiba Inu is one of the cryptocurrencies that returned massively recently at the height of meme-rally. However, the token is back to the drawing board, with losses in the last seven days climbing to 17%. Most other cryptocurrencies are already in the red indicating widespread corrections. 

Shiba Inu falls back to support zone as meme rally ends

Source – TradingView

The current SHIB price coincides with support at $0.00001242. That is the level at the price broke and became bullish at the back of the renewed meme-token rally. We can see that the price shows some indecision after the latest losses. Bulls are rejecting the downward pressure, a major indicator that demand is strong for the meme token. 

The momentum indicator is showing a bearish price move. We remain optimistic that if SHIB maintains the support zone, the MACD indicator could turn bullish.

Concluding thoughts

While crypto sentiment remains weak, SHIB has maintained key support. The bear pressure is weakening as the price shows indecision at $0.00001242. A potential recovery is possible if the price maintains its level. Investors should watch price action and consider trades if sentiment improves.

If SHIB loses grip of the support, bears will take control. That could see the price trade back to $0.000010. The next days’ price action will dictate the potential direction for SHIB.

The post Shiba Inu retraces back to breakout support – Will price rebound? appeared first on CoinJournal.

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SHIBA INU (SHIB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $7.6E-6
Капитализация $0 Rank 99999
Доступно / Всего 0 SHIB

shiba inu price token rebound back support

Источник: coinjournal.net

shiba inu → Результатов: 126


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Shiba Inu has a funny way of coming back onto the radar whenever the market starts talking about all-time highs. And a recent post from TheCryptoBasic laid out a simple question that always grabs attention: What happens if Shiba Inu returns to its previous peak? This implies that with the current price, one can buy […] The post Here’s What $1,000 in $SHIB Could Be Worth If Shiba Inu Hits Its ATH Again appeared first on CaptainAltcoin.

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