Shiba Inu Records Pullback, SHIB Price To Retest $0.000020?

With Bitcoin price recording a drop of ~1% in the past 24 hours, the crypto market has recorded a mixed price sentiment. Moreover, some tokens have recorded a double-digit drop within hours. This highlights increased price volatility in the crypto space.

Following this, the SHIB price has failed to break out of its important resistance level of $0.00003080. Amid ongoing pullback, are you planning to invest in this memecoin before it slingshots toward a new ATH? 

SHIB Memecoin Fails To Retest Its Crucial Resistance Level!

After recording a meteoric price action over the past week, the Shiba Inu price has experienced a significant pullback in its valuation this week. Notably, it has dropped 12.56% in the past day and 20.53% over the past 48 hours.

The Simple Moving Average (SMA) displays a constant support to the Shiba Inu price chart in the 1D time frame. This indicates an increase in the buying-and-selling pressure for the meme coin in the market.

However, the RSI indicator has experienced a sharp drop with its average trendline recording a high possibility of a bearish convergence in the price chart. This suggests a mixed price sentiment for the SHIB crypto token.

Will SHIB Price Rise Back Up?

If the bulls maintain the Shiba Inu price above its support level of $0.00002350, this could result in the memecoin retesting its resistance level of $0.00003080. If the bullish sentiment sustains, the SHIB price could head toward its upper resistance level of $0.0000380.

On the other hand, if the bears continue gaining momentum, this memecoin will break its support trendline of $0.00002350 and plunge toward its lower support trendline of $0.000170 during the upcoming time.

To understand the possibilities of the memecoin achieving the target price of $0.0001, Read our Shiba Inu Price Prediction!

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