Shiba Inu (SHIB) The price failed to hold above $0.00003535 and it is still looking for a support level. SHIB price lacks many technical elements that provide adequate support over a longer time frame. It will be very important for investors right now to expect support from the monthly S1 support or the technical support level that keeps the 25% devaluation.
Shiba Inu (SHIB) is currently at the mercy of the bears who are pushing the price down, even falling below the critical $0.00003535 level this week. While the bulls are looking for good entry points, key entry points are not in sight for now unless they go further. It will be quite important to expect SHIB price to drop to $0.0000033000 monthly support level of S1 or around $0.00002640 with the historic start of the rally in the third week of October.
While the current outlook is grim, there is force just around the corner that could trigger a bullish response.
meme coin The price posted some promising bullish signs last week as it managed to hold the $0.0003535 level and the bulls were able to close above it throughout the week. This week, however, the divergent central bank rate decisions have proven too much for SHIB investors, and price action has broken down to seek support. The only problem is the lack of solid historical support as the SHIB price has only been available for almost seven months.
SHIB bulls can hold the S1 monthly support level at $0.00003000, which acted as a good support in the important correction made by the Shiba Inu price action at the end of November.
If this fails to hold, it will be important to wait for a lower “foot” to $0.00002640, which acts as support in a retest following the break above $0.00003535 in mid-October. You should also keep in mind that this level should hold some support, as the ground acts as a launch platform for the higher rally.
If investors get the SHIB price action going into Christmas, a reversal can be made as the bulls will happily buy Shiba Inu coins at these discounts. Most of the 2022 predictions come out around this time of year, and many are quite optimistic about cryptocurrencies, creating a positive tailwind that will boost the sentiment and push price action to $0.00003535 or above.
On the upside, the 55-day Simple Moving Average (SMA) looks to be the first test to take profits and if a drop in price action can be avoided, it will be around $0.00004728.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.