New Delhi: Self-claimed DOGEKILLER Shiba Inu struggled like the rest of the cryptocurrency market following a flash crash on Saturday. Traders were still able to rally SHIB 25% above the Saturday Lows but selling pressure kept on hounding the coin.
SHIB’s price closing it Sunday candlestick below the important support level indicates a fast sell-off as the large red rectangular area represents a range between $0.000030 and $0.000036. As per experts, the volume between two-level is very low, any move below $0.000036 could trigger a quick new low.
But as per analysts, SHIB’s price is ready to move higher as it collects liquidity below the crucial levels and this move can prime SHIB for an important upswing.
Shiba Inu looks ready for recovery after the Saturday quick market crash. SHIB’s price dropped almost 45% between the flash market crash between November 30 and December 4. As per experts, this upswing move is resting below $ $0.0000620 and set up a swing low at $0.0000295.
Shiba Inu has managed to recover almost 18% as the coin right now is trading at $0.00003449. Investors can expect Shiba Inu’s bullish rally soon but the first hurdle in the way will be at 25% upswing away at $0.0000442. Breaking this price barrier will suggest that the buyers are in the dominating positions and will open the path to a $0.0000543 price level. Retesting this $0.0000543 price level will give the coin a 55% ascent and a full recovery.
On the other hand, If SHIB fails to set up a higher high above $0.0000380 then it will indicate a massive selling pressure and this can eventually hinder the positive outlook. This can bring the coin down to its immediate support level at $0.0000330.
Here, traders have another chance to get in an upswing but if Shiba Inu generates a lower low below $0.0000295 then it will invalidate the bullish theory.
