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

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

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.