Shiba Inu price It has struggled with many different hurdles over the past few weeks. However, the meme coin managed to hold the key support level above the $0.00001 price level. SHIB is currently looking for opportunities to capitalize on this spot for a potential breakout.
Crypto Rand, CEO of Blockground Capital, pointed to this model in a tweet, highlighting the Shiba Inu’s resilience against further declines. stressed.
$SHIB defending the main horizontal support but unable to recover for now: pic.twitter.com/CnRG19tsGb
— Crypto Rand (@crypto_rand) April 27, 2023
NEWS CONTINUES BELOW
A chart by Crypto Rand, after the FTX crash SHIBIt shows that the coin faced strong resistance at $0.000008 and $0.000009 levels during November and December of last year.
However, the Shiba Inu price managed to take advantage of the rally at the beginning of the year to escape these levels. The price turned the $0.000008 and $0.000009 levels to support and quickly climbed to the $0.00001575 levels on February 4.
However, strong resistance at this level turned things around and it fell to $0.00000965 on March 10, which equates to a 38% drop. As a matter of fact, things did not calm down here either, and the leading meme coin It used $0.000010 as a support. While the mentioned support level still exists, the next move is expected towards the $0.000015 level.
Shiba Inu Continues to Consolidate
However, Crypto Rand confirmed that the Shiba Inu price has not been able to make this breakout since last month. This is due to the lack of support for positive updates, especially Shibarium. SHIB also failed to gain sufficient support from the broader market as the recent market-wide rally was short-lived.
As a result, SHIB continued to trade in a range and consolidated. Crypto Rand predicts that this consolidation will end soon and the expected breakout will occur.
$SHIB rejected on the main horizontal resistance but holding the local uptrend support, getting closer to the final squeeze: pic.twitter.com/pYSq1UZd66
— Crypto Rand (@crypto_rand) April 20, 2023
The Shiba Inu is currently trading at $0.00001022. The recent rally, which saw the asset soar 6% yesterday, was quickly extinguished by the bears. As a result, SHIB has dropped 2.76% in the last 24 hours.
You can follow the current price action here.