Shiba Inu price shows signs of revival; Momentum turning in favor of SHIB bulls: Check price analysis
As the crypto market is having an upbeat momentum Shiba Inu looks to extend its upswing above the support area of $0.00000590.
New Delhi: The Shiba Inu self hailed as Dogecoin killer’s downfall continues in the crypto market. SHIB attempted to recover after dropping in the previous session. But the main question remains that will it recover and return to its all-time high?
It is rare that a newer asset to fall 85% over nine days and immediately rebound back with a good speed. Over the past 2 months, Shiba Inu has methodically charted a bullish inverse head-and-shoulders pattern marked by several false patterns and breakouts.
As the crypto market is having an upbeat momentum Shiba Inu looks to extend its upswing above the support area of $0.00000590.
As per FXstreet, the recent rally was fuelled by eToro’s, leading investment platform, the listing of Shiba Inu in response to rising demand from traders.
Is Shiba gearing up for some fresh Upswing?
As the daily chart depicts, the SHIB’s price has taken out the falling trendline resistance at $0.00000635, although a daily closing above that level is awaited to confirm a three-week-old falling wedge breakout. says FXstreet.
The Shiba Inu bulls need to find a strong foothold above the descending 21-Daily Moving Average at $0.00000657 as the next bullish target for the coin is aligned at the 50-DMA at $0.00000736.
Will Shiba Inu recover?
According to AMB Crypto, SHIB might recover pretty soon.
“The token’s volume too has started to pick up the pace. If these two metrics continue to head in the same direction, SHIB’s price might rally soon,” according to AMB Crypto.
What is the current price?
Right now, SHIB is priced at Rs 0.000470, which means that you can buy almost 2,10,000 Shiba coins in just Rs 100. You can buy Shiba Inu as it is predicted to go up in the near future.
Key levels to watch out for
Shiba Inu is currently trading between very crucial levels and trying to break the resistance level and if this continues it can hit much lower levels. Another plunge from here may lead the price towards the lower support levels below $0.000006 or even $0.00000450. Test of this level will open the way to the test of the support at $0.0000055.