Shiba Inu (SHIB) Price Faces Make-Or-Break Moment
April 24 2023 - 8:45AM
NEWSBTC
The deep correction in the crypto market, led by the collapse of
the Bitcoin price, has pushed the Shiba Inu (SHIB) price back into
bearish territory. From a technical point of view, new bull moves
are far away at the moment; before that, an make-or-break price
level has to be defended and a resistance level that has manifested
itself since the beginning of March has to be broken. Shiba Inu
Price At Pivotal Point But first things first. A look at the 1-day
chart of Shiba Inu shows that the price has fallen to the edge of
the key support level. At press time, SHIB was trading at
$0.00001021, slightly above key support at $0.00001005. As recently
as early last week, a bullish picture was evolving for Shiba Inu.
The price formed an ascending triangle on the 1-day chart, which is
one of the continuation patterns and thus opened the chance for a
more than 50% rise within the next weeks. However, due to the
market-wide downturn, SHIB broke the ascending triangle to the
downside. The pattern was invalidated, so that the Shiba Inu price
is now stuck again in the range between $0.00001005 and
$0.00001151. Related Reading: Shiba Inu Price Holds Above $0.00001
– Is It Time For A Rally? If the bulls fail to defend the range, a
fall to $0.00000965 would be the most likely scenario before SHIB
could possibly drop to the price level at $0.00000855. A breakdown
below the trading range would be a clear break with the trend.
Holding the support is of utmost importance to start a new run
towards the range high at $0.00001155. A look at the 1-hour chart
reveals that SHIB is showing slight signs of recovery. The price
has initially formed a falling trend line which was broken at press
time. This was followed by a re-test that is currently underway.
SHIB now needs to show a significant move to the upside; at best a
bounce and break above the $0.00001080 price level. IntoTheBlock
data shows that SHIB has formed major resistances both above and
below. The main bid wall below Shiba Inu sits at $0.000009. Around
this price level, 43,000 addresses bought around 10.24 trillion
SHIB. A daily close below this resistance level could have massive
bearish implications. Related Reading: Shiba Inu Whales On Buying
Spree, Add 311 Billion Tokens During Price Dip IntoTheBlock’s data
also shows that 200 billion SHIB was bought by whales last week. As
NewsBTC reported, SHIB has recently been experiencing increased
interest from this cohort of investors. This can be a clear bullish
indicator. However, at the time of writing, the increased interest
in SHIB from ETH whales has not yet paid off. Featured image from
Coins.ph, chart from TradingView.com
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