SHIB price action is showing a structure that is bullish on an upside following a massive sell-off. Price opened higher today but failed to extend further gains. This suggests that it is difficult for the coin to sustain higher levels amid the sell-off momentum.
- SHIB price turns negative erasing all gains of the previous day.
- Nevertheless, the price managed to stay above $0.000015 within the last day candlestick.
- A daily close below $0.000012 would wash away any hope in the asset.
As of publication time, SHIB/USD reads at $0.00015, a 6.13% low for the day. The digital asset has 24-hour trading volume with a loss of 35% at $1,374,223,305.
SHIB Price Points Up
SHIB price indicates that the token has the potential to rise from current levels, as it remains near record lows. Within a month, SHIB lost 50% from the April 12 high of $0.00030. The price is trading near a four-month low. On the larger time frame, there is a reasonable chance of recovery.
On the daily chart, SHIB price is trying to move higher. $0.18 is acting as a strong upside barrier for this. Nevertheless, continued buying pressure might force the price to breach and tag the crucial $0.0000020 mark. This will coincide with the 20-day EMA (Exponential Moving Average).
Acceptance above $0.0000020 would lead to calls for $0.000024, another important moving average, above the 50-days EMA.
Conversely, a break below session lows would threaten a bullish brewing outlook. Moreover, a daily candlestick below $0.000013 would open the door for new levels, $0.00008 last seen in October.
Technical Indicators:
RSI: The daily relative strength index trades below the average line near the oversold zone. It reads at 31 with negative bias.
The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.