Will Shiba Inu Price Recover to $0.00001? Key Support levels to Watch

Amid the recent recovery sentiment in the market and the development of Shiba Inu’s layer-2 (L2) blockchain network Shibarium, the SHIB price has showcased impressive recovery in the last 4 weeks. From the June 15th low of $0.00000642, this popular memeecoin surged 32% to hit the $0.00000845 resistance. Will this recovery continue or is it time for correction?

Also Read: Shiba Inu Gets Ready to Compete With Polygon And Arbitrum With Shibarium Layer 2

Shiba Inu Price Daily Chart: 

•  A support trendline governs the short-term recovery in Shiba Inu price
• The higher price rejection candle at $0.00000845 reflect a high supply zone
• The intraday trading volume of the Shiba Inu coin is $146.5 Million, showing a 54% loss.

Source- Tradingview

By the press time, the Shiba Inu price traded at $0.000008 and witnessed supply pressure at $0.00000845 resistance. The daily candles with long-wick rejection indicate the seller’s aggressive nature at this barrier and the possibility of a bearish reversal.

The buyers’ failure to reclaim this barrier could trigger a bearish reversal and plunge the SHIB price 5-6% down and hit a new support trendline. This trendline is carrying this ongoing recovery by offering dynamic support. With each retest to ascending trendline, the buyers get an opportunity to replenish bullish momentum and give another attempt to strike back $0.00000845.

A potential breakout above the aforementioned resistance with daily candle closing will boost underlying buying pressure and surge the memecoin price 15.5% higher to reach $0.00000976-$0.00001.

Can SHIB Price Plunge to $0.0000064?

The SHIB holders riding the current recovery can use the support trendline for trailing stop loss. In case the supply pressure at $0.00000845 overthrows buyers, a breakdown below the rising trendline will undermine the bullish thesis. This crackdown will prolong the prevailing downtrend and plunge the price back to $0.0000064 support.

• Moving Average Convergence Divergence: An uptick in MACD(blue) and signal(orange) indicator of the weekly chart indicates early signs of a trend change
• Bollinger Band: The SHIB price challenging the upper band of the Bollinger Band indicator suggests high momentum rally.