Shiba Inu Price Analysis: SHIB Price Has Potential To Rise 33% From Current Levels; Are You Buying?

By Rekha chauhan
May 11, 2022 Updated May 11, 2022
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SHIB Burn

SHIB price action exhibits a framework that louds for upside following the massive sell-off. The price opened higher today but failed to carry forward the gains. This, suggests the token finds it difficult to sustain the higher levels amid the selling momentum.

  • SHIB price turns negative wiping out all the previous day’s gains.
  • Still, the price manages to hold above $0.000015 within the last day candlestick.
  • A daily close below $0.000012 will wash out any upside hope in the asset.

As of publication time, SHIB/USD reads at $0.000015, down 6.13% for the day. The 24-hour trading volume of the digital asset holds at $1,374,223,305 with a loss of 35%.

SHIB price looks for upside sign

Source: Trading view

SHIB price indicates that the token has the potential to rise from the current levels, as it is sustaining near the record lows. In a month’s time, SHIB lost 50% from the highs of $0.000030 made on April 12. The price is trading near the four-month lows. On the larger-time frame, there is a fair chance of recovery.

On the daily chart, the SHIB price attempts to clinch higher. The $0.18 acts as a strong upside barrier for it. Still, a sustained buying pressure could force the price to pierce and tag the crucial $0.000020 mark. This would coincide with the 20-day ema (Exponential Moving Average).

An acceptance above $0.000020 would ask for $0.000024, above another crucial moving average, 50-day EMA.

On the contrary, a fall below the session’s low would threaten the bullish brewing outlook. In addition to that, a daily candlestick below $0.000013 would open the gates for fresh new levels, $0.00008 last seen in October.

Technical indicator:

RSI: The daily relative strength index trades below the average line near to the oversold zone. It reads at 31 with a negative bias.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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