While the entire crypto space was attempting hard to recover from the plungy September, Shiba INU price jumped very hard. The rally from $0.00000843 to $0.00008834 in just a month attracted many strong hands. As per some reports, an Ethereum whale also grabbed a huge chunk of SHIB during this rally.
However, no sooner than the rally attained its all-time high, the bear’s just jumped in to drag the price below. Initially, it appeared that the price drain may be just a healthy correction. But as the price revisited lower levels, it alarmed the traders who jumped in quickly. No doubt the price has currently rebounded after visiting lower support levels, yet the fear of free fall still haunts the rally.
The popular meme coins have showcased a slight bullish momentum with a flip. And hence a notable uptrend to the immediate resistance levels may be on cards. One of the popular analysts MMBTtrader provides some pivot zones for the price to stand strong to prevent further plunging.
As per the chart mentioned by the analysts, the SHIB price is following a descending triangle since it smashed ATH. The first 2 red candles were pretty large which dragged the price below $0.00007000. However, the analysts say, if the price sustains and rebounds at $0.00004876 support levels, then a correction phase may be cleared. Else if the price reaches the lower support levels at $0.00003736 and breaks then more dumps may make their way.
On the flip side, if the SHIB price continues with the current bounce and maintains the bullish trend, then it may even kill yet another zero too. However, it is not an easy task as the resistance at $0.00008868 needs to test and cleared successfully. And for this rally, a gigantic amount of liquidity needs to be influx so that the Shiba Inu price can get the required support to propel towards $0.0001000 levels.