SHIB Price Prediction: Under the influence of a downsloping trendline and negative sentiment in the market, the Shiba Inu coin witnessed a sharp downfall last month. Amid this correction, the memecoin tumbled 28.3% and now hovers above a combined support of 0.618 Fibonacci retracement and $0.0000109. Here’s Why this support level is crucial for coin buyers to protect?

 Key Points:

Long-wick rejection candle at $0.000109 support indicates the buyers are actively defending this level
A bearish breakdown from the $0.0000109 support will threaten SHIB price for an 11% downfall
The intraday trading volume of the Shiba Inu coin is $152.4 Million, indicating an 8.4% loss.

Source- Tradingview

A V-top reversal from $0.000015 resistance pulled the Shiba Inu coin price below several support levels and plunged to 0.618 FIB level. In theory, the coin price dropping to such a low level of Fibonacci retracement is a sign of weakness which decreases the possibility of a bullish recovery.

However, this pessimistic outlook will come near confirmation if the SHIB price gives a daily candle closing below the 0.618 FIB at $0.0000109. Doing so may tumble this memecoin’s market value by another 11.3% to reach the $0.00000965 mark.

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Anyhow, by the press time, the coin price trades at $0.00001118 and continues to hover above the aforementioned support. Moreover, the lower price rejection candles observed over the last four days indicate the buyers are accumulating at this support. 

Thus, if the buying pressure persists, the coin buyers are likely to rebound from $0.0000109 and challenge the overhead resistance trendline. A bullish breakout from this dynamic resistance is important to get additional confirmation for uptrend continuation.

Technical indicator

Relative strength index (RSI) – The daily RSI slope declining further into bearish territory, indicates the negative sentiment in the market is rising.

EMAs: the 50-and-200-day EMA moving near the $0.0000117 mark accelerates the resistance power of this level and could prolong a consolidation above the 0.618 FIB support.

SHIB Coin Price Intraday Levels

Spot price: $0.0000115
Trend: Bullish
Volatility: Low
Resistance Level- $0.0000117 and $0.000014
Support level- $0.0000109 and $0.00000906

The post Shiba Inu Price Prediction: Will SHIB Price Kickstart Recovery At This Key Price Level appeared first on CoinGape.

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Filed under: News - @ March 6, 2023 5:27 pm