Shiba Inu (SHIB) The correction phase experienced in the price significantly lowered the SHIBA price as it traded 63% lower from the all-time high of $0.0088.
The price is currently stuck in a short consolidation phase and crypto traders will need a proper exit from the range to get an entry opportunity for themselves. Also, good news for investors of this token is that leading Spanish crypto exchange Bit2Me has decided to list Shiba Inu.
Important Technical Points
- SHIB price managed to gain strong support from the 100 EMA line.
- The current price of this token is $0.0033 and the intraday loss is $1.88.
- The intraday trading volume in the SHIB token is around $1.8 billion.
SHIB The retracement phase in the price broke the critical $0.0035 support or the 0.618 Fibonacci retracement level, indicating an even deeper correction for this token. However, this bearish rally was interrupted by the $0.0031 mark, which indicates demand pressure below it.
shiba inu The price has been fluctuating between these two levels for almost two weeks, forming a narrow range on this chart. Once the price breaks any level of this range, crypto traders can expect a strong directional move to trade.
The technical chart shows that the closest resistance level for SHIB price is $0.00037, followed by $0.0004, $0.0045. Coming to the opposite end, the support levels are $0.0003 and $0.00023.
SHIB token price is still trading above the 200 EMA line, maintaining an overall uptrend. The Daily Relative Strength Index (39) has started a similar sideways move to price action and shows no dominant activity from either side.
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.