After a very sharp correction, the Shiba Inu bounced strongly and recaptured most of the losses. However, it is too early to celebrate. The Shiba Inu retraced most of last week’s losses with a 50% rally in a significant price swing yesterday. Detail cryptocoin.com‘in.
Do bears or bulls dominate the Shiba Inu (SHIB)?
At the time of this writing, SHIB was still trying to break above the key resistance at $0.000063. Failure to close above this will confirm the low, which will likely lead the bears to take control of the price again. The price is currently holding well above the $0.00055 support level, but another break below it will encourage the bears to push SHIB down.
As for the technical indicators of SHIB price; Strong volume has brought SHIB back into the blue triangle and now the challenge is to hold the price inside and attempt a breakout. After falling below 30 points on the 4-hour timeframe, the RSI quickly recovered and is currently climbing higher. However, on the daily timeframe, the RSI is trending lower. This is an important warning for the bulls to take action otherwise the bears may appear again. The MACD on the daily time frame is bearish. This latest rally gives SHIB holders hope, but the bulls need to keep pushing the price higher. The battle between bulls and bears at the current price level will determine the fate of SHIB for the remaining month. This is a decisive moment for SHIB and until there is a winner, the price of SHIB is expected to fluctuate between support and resistance.
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