Shiba Inu restarts bull run as global tailwinds find. SHIB curbed the downtrend with the increase in purchasing volume. SHIB price is bullish with a possible return to $0.00004490. If the current headwinds continue, you can expect a possible uptrend start towards $0.00008373. Detail cryptocoin.com‘in.
Possible levels for the Shiba Inu
Shiba Inu price remained under pressure over the weekend, accelerating the downtrend due to the spillover effect from Bitcoin’s flash crash. However, SHIB price bounced off the monthly S1 support level, creating a bullish response that reversed most of the losses from the weekend. Short-term contraction could see SHIB price retrace back to $0.00004490 first, then after a global recovery, perhaps as low as $0.00008373. As global stock markets rebound from last week’s losses, they will increasingly be pushed from bearish positions, having to turn to the buy side and recoup their losses, according to analyst Filip L.
This will cause the SHIB price to gain upward momentum. This will attract more investors to the price action and it can easily see the bulls converting the full losses from last weekend to the 61.8% Fibonacci level from the $0.00004490 level. The 55-day Simple Moving Average (SMA) is hovering just above the 61.8% Fibonacci level, so bulls may face some resistance around this level. Current tailwinds look pretty solid, with more upside potential expected towards the 50% Fibonacci level from the $0.0005690 high.
According to the analyst, by the end of next week, SHIB price could be near the $0.00008373 or 23.6% Fibonacci level. If the market sentiment turns to the downside, expect the bears to try and push the price action below the red descending trendline with key support at $0.00002000 where the 200-day SMA is located.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.