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Highlights
- A falling wedge pattern leads the current downtrend in the SHIB price.
- The SHIB price dropped to 50% FIB level indicating a constructive pullback for buyers to regain strength.
- The 24-hour trading volume on the Shiba Inu is at $8.1 Billion with a 35% gain.
Shiba Inu Price: Failing to reach the $3 Trillion market cap, the crypto industry takes a hit this week. With a sudden fall in Bitcoin price under $68,000 the meme coin industry is under a sell-off phase. Amidst the correction, the SHIB price shows a rise in selling pressure and a bearish wedge in play. Will the meme coin bounce back or is further correction underway?
Also Read: Shiba Inu Coin: SHIB Burn Meteoric Rise Signals Imminent Rally to $0.00004
Healthy Retracement Keeps SHIB Price Bullish
Being the second highest-ranking meme coin in the crypto industry, the Shiba Inu price is known for sharp volatile moves. Amidst the recent market correction, the meme coin faces a sharp sell-off leading to an 11% in the last 24 hours.
In the larger picture, the price movement in the past two weeks showcases a falling wedge under formation. Currently, the SHIB price trades at $0.000028 and tests the bottom support trendline.
Further, as per the Fibonacci retracement levels, the SHIB price is testing the 50% level in coherence with the trendline. Hence, the chances of a bullish reversal for the meme coin are on the plus side with a critical demand level being challenged.
Also Read: Shiba Inu: Shytoshi Kusama Reveals The Shib Magazine’s Latest Edition, Here’s Everything
Will Shiba Inu Bounce Back?
As per the 4H chart analysis, the Shiba Inu coin trend is under extreme supply pressure under market pullback. Further, with a potential drop in the Bitcoin price, the meme coin sector could take a plunge.
On the price action front, with the sellers challenging the $0.000027 support signals a potential bounce back. In such a case, the uptrend could reach the overhead trendline close to the 38.20% Fib level at $0.000032.
A potential breakout from this resistance will signal the continuation of the recovery trend and surpass the $0.00005
Conversely, in a bearish breakdown, in case of an extended market pullback, the meme coin could drop to $0.000023.
Also Read: Crypto Market Selloff: Top Reasons Why Bitcoin, ETH, XRP, ADA, SHIB Crash Today
Technical Indicator:
- Exponential Moving Average: the ongoing correction cracks under the 50-EMA to test the 100-EMA.
- Relative Indicator: The RSI line shows a quick descent below the halfway line and heads to the oversold zone.
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