SHIB (Shiba Inu) Prints Possible Triple Bottom

Briefly –

  • Shiba Inu rises by about 20% over the past 24 hours.
  • SHIB had its price forming a potential triple bottom.
  • SHIB still faces rejection off 50-MA.

Shiba Inu Price Today

Shiba Inu was among the cryptocurrencies that saw mind-blowing value gains at the start of 2021, rising by over 1000%. However, similar to other assets, Shiba Inu suffered a market crash, losing almost 70% of its ATH. For now, Bitcoin has to regain strength over the $35K mark for Shiba Inu to witness new uptrends towards its record highs. Usually, SHIB follows Dogecoin moves. Keep in mind that DOGE has shown revival signals.

The entire three SHIB lows indicate a possible triple bottom came into play. That highlights a bullish case, showing that Shiba Inu might recover from its losses in the sessions to come. To extend its recovery, SHIB has to maintain its existing support at $0.00000640. In cases where bulls fail to control the price over this level, the meme coin might have its price falling to its vital support levels at $0.00000552 and $0.00000575. Any breakdown beneath this level will translate to massive bearishness as the asset has never been that low.

SHIB/USDT 4-Hr Chart – Price Analysis

SHIB has had a declining price channel over the past three weeks. Meanwhile, the coin’s price seems to respect the channel’s sides as Shiba Inu saw rejection at the trend-line top today. The meme coin will have to break above this trend-line and the 50-MA, obstacles that kept the asset low for more than two weeks. For now, bulls need to defeat some resistance around $0.00000675 for SHIB to confirm massive surges.
The RSI shows reliable performance as it breaks over a three-week trend-line. SHIB will likely enjoy higher prices if RSI maintains above 50.

While writing this, the Stochastic Oscillator is in the overbought area. Failure to maintain the current will have SHIB experiencing near-term pullbacks. If the market remains positive, Shiba Inu might enjoy new highs in the coming sessions. Keep in mind that the market outlook will detect the meme’s price movements.

SHIB Intraday Levels

  • Spot rate – $0.00000638
  • Trend – Bearish
  • Volatility – Medium
  • Resistance – $0.00000675
  • Support – $0.00000633.

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