A bullish reversal from $0.0000007 monthly support has set the SHIB price for a strong upswing. Should you buy?
Published 29 seconds ago
From mid-August to mid-September, the SHIB price trajectory has been primarily downward, plunging from $0.00001136 to $0.00000695, registering a 38% loss. This decline effectively nullified all the profits earned during the July rally, even diving beneath the 61.8% Fibonacci retracement level. However, with Bitcoin making a comeback from the $25,000 mark, renewed interest and buying pressure in the crypto market have rebounded the SHIB price from its $0.000007 base. But is this surge substantial enough to indicate a bullish turnaround for this Dog-themed memecoin?
Bullish Reversal From Key Support Hints 15% Jump Ahead
- A V-top reversal in the daily chart reflects an aggressive correction trend
- The SHIB price witnessed demand pressure near the $0.000007 mark.
- The intraday trading volume of the Shiba Inu coin is $73 Million, showing a 1.53% gain.
Following the current reversal sentiment, the Shiba Inu coin price has ascended for four straight days. Starting its climb from the crucial $0.000007 level, it has experienced a 5% increment, presently settling at $0.0000078.
Yet, given the sheer intensity of the bearish thrust seen during its recent downturn, this slight northward shift from the $0.000007 mark might not be adequate to assure a lasting recovery. Hence, the traders might observe the SHIB price meandering above the aforementioned level as it consolidates and builds buying momentum.
If this buying momentum is maintained, the memecoin holders could see the coin price elevating by another 15% to approach the next resistance at $0.00000855.
What If SHIB Price Loses $0.000007 Support?
While the predominant trend for Shiba Inu remains bearish. Any dip below the $0.000007 benchmark might unleash additional selling pressure, potentially causing the coin price to drop to $0.00000644, and if the bearish momentum persists, even further to $0.0000055.
- Bollinger Bands: The lower boundary’s downtick on the Bollinger Bands suggests the sellers are continuing to exert their force.
- Average Directional Index (ADX): A surge around the 31% mark in the daily ADX trajectory signifies that sellers might continue to drive the current corrective phase.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.