Price Analysis

Shiba INU Testing the Support Zone, Is SHIB Price Ready for a Long Position?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Aug 25, 2022

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After successfully accomplishing the inverse Head & Shoulder pattern, the Shiba INU price rose by more than 40% to reach the monthly highs at $0.00001798. Woefully, the bearish action compelled the price to drop hard by more than 30%, testing the lower support zone.

 If the asset reciprocates the previous behaviour, then the SHIB price may be due for an upswing of more than a notable drop may be imminent!

Currently, the SHIB price is trading close to 20-day EMA at around $0.000013 for a few days which is indicating a sense of indecision among the bulls & the bears. However, the flattened 20-day EMA & the RSI is expected to prevail for some more time until a rebound is ignited. 

shib

If the price sustains below the 20-day EMA levels for a longer time, then the probability of the asset visiting lower support at $0.000012 is high. The bulls here may jump in to hold the price above these levels, else a drop to $0.00001 could be imminent. 

Conversely, if the price rebounds and breaks beyond $0.000014, the asset may begin with its upward trajectory to test $0.000018. However, the bulls need to break a couple of barriers at $0.00001400 and $0.00001646 to reach the crucial resistance required to hit $0.0000200 in the coming days. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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