After crossing the $0.0000014 level, the Shiba INU was ready to hit the next target above $0.000016. But the bears just jumped below $0.000015 and the price dropped by about 11%. Though SHIB price has started with a recovery, the rejection is currently indicating many more things to come.
SHIB price was expected to be explosive this morning after a brief consolidation, but the dormant trend is now indicating a possible downside move towards the $0.0000012 area soon. However, the price is swinging within the 200 and 50-day moving averages, which is considered a safe zone for profit making.
SHIB price has maintained an incremental outlook since the beginning of the month following the lower trend line as support. Despite a significant rejection, the asset remained firm above these levels, revealing the possibility of further upside in the coming days.
The asset may not pull a massive footing as it did the previous day as there has been a decline in volume. Therefore, Shiba INU (SHIB) price may continue rising after consolidation until it receives the necessary buying pressure to reach further targets.