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Shiba Inu Price Recovery Depends On These Levels
A crypto analyst identified as ‘MonoCoinSignal’ on TradingView has shared varying forecasts for the Shiba Inu price. As the second-largest meme coin stages a recovery to a new all-time high, this analyst has outlined key resistance and support levels to watch out for.
MonoCoinSignal has published a detailed Shiba Inu price analysis, outlining key technical indicators and levels that could determine its next move toward an ATH recovery. Currently trading at $0.000013, the Shiba Inu price reflects a sharp decline from its previous high of $0.000015 on March 10.
On its 1-hour chart, the TradingView analyst highlights that the SHIB is currently testing a key support zone around the $0.000011 level. If its downtrend persists, the meme coin is expected to fall toward additional support levels at $0.0000105 and $0.000010.
Currently, Shiba Inu’s price is trading below the short-term Moving Averages (MA), solidifying its bearish position within this time frame. Its Relative Strength Index (RSI) is also approaching oversold territory, suggesting a potential price bounce if buying pressure picks up.
Key Levels for SHIB’s Next Move
Predicting a potential bullish case scenario, MonoCoinSignal highlights three key resistance zones to watch out for: $0.0000127, $0.000014, and $0.000015. The analyst suggests that these levels could trigger a strong rebound for the meme coin.
Notably, if Shiba Inu can hold above the support level at $0.000011, it could stage a rally to the aforementioned resistance zones between $0.0000127 and $0.000014. Due to the market’s recent declines, MonoCoinSignal has acknowledged that any gains experienced by the price will be limited and short-lived.
SHIB Uptrend At Risk If Price Breaks Support
On the flip side, MonoCoinSignal has also shared a bearish case scenario for the Shiba Inu price if the downtrend persists. The analyst has predicted that if selling pressures trigger a break down below the support level at $0.000011, Shiba Inu could slide towards new lows around $0.00001051 or $0.00001001.
Conclusion
With recent social media reports revealing an increase in SHIB token burns, the TradingView analyst believes that the gradual supply reduction could eventually fuel a price increase in SHIB over time. However, the analyst also warns that the SHIB price faces both bullish and bearish possibilities, urging investors and traders to monitor the market for catalysts that could either positively or negatively influence the meme coin’s next move.
FAQs
Q: What is the current Shiba Inu price?
A: The current Shiba Inu price is $0.000013.
Q: What are the key resistance levels to watch out for?
A: The key resistance levels to watch out for are $0.0000127, $0.000014, and $0.000015.
Q: What is the bearish case scenario for the Shiba Inu price?
A: The bearish case scenario is that if selling pressures trigger a break down below the support level at $0.000011, Shiba Inu could slide towards new lows around $0.00001051 or $0.00001001.
Q: What is the potential impact of SHIB token burns on the price?
A: The gradual supply reduction could eventually fuel a price increase in SHIB over time, but the analyst warns that any gains experienced by the price will be limited and short-lived.
Q: What is the current market trend for Shiba Inu?
A: The current market trend for Shiba Inu is bearish, with the price trading below the short-term Moving Averages (MA) and the Relative Strength Index (RSI) approaching oversold territory.
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